Whitehouse applauds Social Security COLA
PROVIDENCE, RI – The more than 200,000 Rhode Islanders receiving Social Security will see a boost in their checks next year. But U.S. Senator Sheldon Whitehouse still wants more to be done to help seniors.
For the first time in three years seniors will get a cost of living increase next year. Social Security recipients and those with military retirement benefits will see checks rise by 3.6 percent starting in January. That's an average increase of about $500.
While Whitehouse applauds the increase, he's concerned that COLAs are based on a formula that looks at the price of computers and other electronics seniors are less likely to buy. Instead he wants them to be tied to items people buy every day.
Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. firstname.lastname@example.org.