The chained CPI – a proposal to change the way the cost-of-living adjustment (COLA) is calculated for Social Security and veterans benefits – can be as confusing as its name. And with it comes a number of daunting statistics:
- Retirees and veterans would lose $129 billion in benefits over the next 10 years.
- If you’re 62 and take early retirement this year, by age 92 you’d be losing the equivalent of a full month of income every year.
- Poverty rates are highest for the oldest older Americans, and they’re the ones the chained CPI would hit hardest.
But what impact would the chained CPI have on you specifically?
Now you can easily find out.
A new AARP online calculator shows how much less you would receive over the years if the chained CPI goes through.
Try it here.
And if you don’t like the results, you’ll have a chance to let your elected officials know.