Senior advocacy group wants to establish a 'minimum' annual COLA increase: How would it work?

The Senior Citizens League is advocating for a 'minimum' annual cost-of-living adjustment (COLA) increase, proposing a system called 'CPI Best.' This initiative aims to ensure that seniors receive adequate financial support to keep up with rising living costs. By introducing this system, the organization hopes to provide a more reliable and fair adjustment for retirees, which is crucial as many seniors struggle with fixed incomes. This proposal could significantly impact the financial well-being of millions of older Americans.