Some fear supercommittee will change Social Security inflation formula

10/28/2011 | Politico (Washington, D.C.)

Retiree advocates worry that the congressional deficit-reduction committee might consider a new formula for calculating the consumer price index that could mean Social Security recipients will lose benefits. Under the possible change, called chained CPI, the typical 65-year-old would receive $560 less per year from Social Security in 10 years and $984 less per year 20 years from now, according to one report. AARP estimates that such a change in formula could cut benefits by $112 billion over the next decade.

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Politico (Washington, D.C.)

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