Social Security is a program that millions of retired Americans rely on today. But the program also has its share of problems.

One major issue with Social Security is that the program is facing a revenue shortfall in the coming years as baby boomers exit the workforce in droves. A large uptick in retirement numbers will translate into more benefit claims and less payroll tax revenue for Social Security. If lawmakers don’t find a way to pump more money into the program, Social Security may have to cut benefits in about a decade from now.

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Another issue with Social Security is that the program’s annual cost-of-living adjustments (COLAs) have long failed to keep pace with inflation despite the fact that they’re supposed to do just that. As a result, seniors who rely on those monthly benefits are losing buying power from year to year. And without lawmaker intervention, many risk a host of serious consequences, such as not being able to afford housing, food, and medication.

During August’s Democratic National Convention, Kamala Harris accepted her party’s nomination for president and delivered a speech that highlighted many of her goals. During that speech, she pledged to protect Social Security but didn’t get into too much detail about what that might entail.

So the question is, will Harris work to change the way Social Security COLAs are calculated? There’s a big reason to think she will.

Harris has a history of fighting to improve Social Security

In 2019, Kamala Harris was one of the co-sponsors of the Social Security Expansion Act. That bill proposed different changes designed to improve the financial lives of seniors on Social Security. And one of those changes was to revise the way Social Security COLAs are calculated.

Currently, Social Security COLAs are based on third quarter changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The problem, though, is that the CPI-W doesn’t do a great job of capturing the costs of Social Security recipients specifically.

Seniors on Social Security, for example, are likely to spend more of their paychecks on healthcare expenses, while urban wage earners are likely to spend more on fuel and transportation. Plus, workers may be more likely to flock to urban areas to retain access to jobs. Retirees, by nature, aren’t working and therefore may not have to worry about proximity to employment opportunities.

It’s these disconnects, and others, that have hurt Social Security recipients through the years. The nonpartisan Senior Citizens League estimates that as of 2023, seniors on Social Security had lost 36% of their buying power since the year 2000. Changing the way Social Security COLAs are calculated could be instrumental to boosting buying power for seniors.

A positive change could be coming

If elected president, there’s a good chance Harris will support a shift to using the Consumer Price Index for the Elderly in the course of determining Social Security COLAs. An index that’s comprised of senior-specific expenses could result in more generous yearly increases that make it easier for Social Security beneficiaries to make ends meet.

For now, though, seniors on Social Security should recognize that they risk losing buying power from year to year due to the current system of calculating COLAs. Cutting expenses or turning to the gig economy for extra money are two options current retirees can utilize if they’re struggling to cover their bills on Social Security alone and they lack savings to fall back on.