Social Security: 4 Big Changes Biden Wants to Make for Retirees

It's getting more difficult for seniors to live on Social Security, especially as inflation continues to surge. 

For years, lawmakers have been debating various proposals to improve Social Security for retirees. 

While none of these laws have been implemented yet, President Biden has big plans for Social Security. 

Here are four of the most significant changes he's proposing. 

Most years, seniors will receive a cost-of-living adjustment (COLA) that's designed to help Social Security keep up with inflation.

Historically, though, COLAs have done a poor job of that. Since 2000, benefits have lost around 40% of their buying power, according to the Senior Citizens League. 

This is partly because the annual COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). 

That data examines the spending patterns of workers under the age of 62, which can be vastly different from the spending habits of retirees. 

To solve this problem, President Biden and other lawmakers have proposed using the Consumer Price Index for the Elderly (CPI-E) to calculate annual COLAs instead.