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H.R. 5295 (114th): Safeguarding Economic Needs Important to Our Retirees through Creating an Ongoing Living Adjustment Guarantee (SENIOR COLA Guarantee) Act of 2016

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 19, 2016.


Safeguarding Economic Needs Important to Our Retirees through Creating an Ongoing Living Adjustment Guarantee (SENIOR COLA Guarantee) Act of 2016

This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to revise cost-of-living computation requirements.

Annual minimum and maximum cost-of-living increases for Social Security beneficiaries shall range between:

3% and 4% for individuals whose adjusted gross income (AGI) for the preceding calendar year did not exceed $18,000 ($20,000 in a joint return), 1.5% and 3% for individuals whose AGI ranged from $18,000 to $48,000 ($20,000 to $50,000 in a joint return), or 1% and 2% for individuals whose AGI exceeded $48,000 ($50,000 in a joint return).