Boosting Benefits and COLAs for Seniors Act

This bill changes how Social Security's annual cost-of-living adjustments (COLAs) are calculated for beneficiaries. It requires using either the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) or the new Consumer Price Index for Elderly Consumers (CPI-E), whichever results in a higher increase, instead of the current standard index. The change applies to COLAs determined for cost-of-living computation quarters ending on or after September 30, 2024, directly affecting Social Security beneficiaries. The bill also mandates the Bureau of Labor Statistics to publish the CPI-E index to track spending patterns for people aged 62 and older.