Protecting and Preserving Social Security Act

The Protecting and Preserving Social Security Act creates a new Consumer Price Index for Elderly Consumers (CPI-E) to determine Social Security cost-of-living increases, replacing the current index that tracks general inflation. It changes how benefits are calculated for income above the Social Security contribution base after 2025, with a declining percentage (starting at 86% in 2026 and decreasing to 0% by 2031) of that income counting toward benefits. The bill also establishes a new formula for calculating benefits based on "surplus earnings" for individuals reaching retirement age after 2025. These changes will primarily affect high-income workers and retirees, but any benefit increases from these changes won't impact eligibility for Supplemental Security Income (SSI) or Medicaid.