President Obama's controversial budget proposal uses a formula called "chained CPI." Here's what you need to know about how it's calculated, and how it may affect you.

The proposed chained CPI faces plenty opposition. So it may never come to pass, which would be welcome news to retirees who collectively derive 70% of their income from Social Security.

In addition, the bill would direct the federal Bureau of Labor Statistics to calculate and publish CPI-E on a monthly basis. In 2023, for example, Social Security benefits increased by 3.2% ...