Protecting and Preserving Social Security Act

The Protecting and Preserving Social Security Act introduces a new Consumer Price Index for Elderly Consumers (CPI-E) to better reflect cost-of-living changes for seniors aged 62 and older, replacing the current index for calculating Social Security cost-of-living adjustments. It modifies how Social Security benefits are calculated by gradually reducing the percentage of high-income earners' wages above the contribution base that count toward benefits, from 86% in 2025 to 0% after 2030. The bill also changes the benefit formula to include "surplus earnings" (income above the Social Security contribution base) in determining benefits for individuals becoming eligible after 2024. These changes ensure cost-of-living adjustments don't affect eligibility for Supplemental Security Income (SSI) or Medicaid. The bill applies to individuals initially becoming eligible for benefits or dying before eligibility in 2025 or later.