As the Joint Select Committee on Deficit Reduction searches for ways to cut $1.5 trillion from the federal budget over 10 years, the issue of how the Social Security Cost of Living Index (COLA) will be indexed could become controversial for retired clients.
The committee is expected to recommend replacing the current Consumer Price Index for Urban Wage Workers and Clerical Workers (CPI-W) with the Chained Consumer Price Index for all Urban Consumers (chained CPI).
Would this change create a financial impact on seniors?
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