A bipartisan bill introduced in the House of Representatives and Senate seeks to reform the calculation of the yearly cost-of-living adjustment (COLA) for Social Security benefits. The Boosting Benefits and COLAs Act proposes using the Consumer Price Index for Elderly Consumers (CPI-E), which more accurately reflects the inflation experienced by seniors, to determine the COLA adjustment. The current method, based on the CPI-W, may underestimate the rising costs faced by retirees, such as healthcare expenses. The bill aims to ensure that Social Security benefits keep pace with inflation, enabling seniors to maintain their standard of living. The companion bill, introduced in March, awaits further legislative action.