Could a flat-rate COLA help fix Social Security?

the Treasury,” Penny said at the time.

If lawmakers revived the proposal, it would mark a major shift from the current COLA model.

This year’s 2.8% COLA increased the average retired worker’s monthly benefit by about $56. By comparison, someone receiving the maximum monthly benefit of $5,181 would get a bump of about $145 under the same percentage adjustment.continue reading …