Social Security Cost of Living Increase Act of 2023

This bill changes how Social Security's annual cost-of-living adjustments (COLAs) are calculated by requiring the use of the Consumer Price Index for Elderly Consumers (CPI-E) instead of the standard Consumer Price Index. The CPI-E specifically reflects spending patterns of people aged 62 and older, which better represents the expenses faced by Social Security beneficiaries. The change applies to COLA calculations for payments starting with cost-of-living computation quarters ending on or after September 30, 2024. This directly affects over 65 million Social Security recipients whose monthly benefits would be adjusted based on the new index.