Creates a monthly Consumer Price Index for Elderly Consumers (CPI–E) to track price changes for people age 62 and older and directs the Bureau of Labor Statistics to publish it; the CPI–E replaces the current "Consumer Price Index" reference used for Social Security cost‑of‑living adjustments and related cross‑references in law. Separately, it changes how earnings above the Social Security contribution-and-benefit base are treated for benefit calculations by introducing a "surplus AIME" (surplus average indexed monthly earnings) that partially counts those excess earnings with small additional benefit factors, and it authorizes funding BLS needs to produce the new index.

The CPI–E provisions take effect on specified months/quarters after enactment; the surplus‑earnings and wage‑treatment rules apply for taxable years beginning in or after 2026 (with a 2026 bend point specified for the surplus formula).