The Protecting and Preserving Social Security Act aims to enhance the Social Security program, specifically targeting old-age, survivors, and disability insurance. Its primary goal is to ensure that benefits keep pace with the cost of living and improve the fairness of how contributions and benefits are calculated. A key provision of the Act is the establishment of a new Consumer Price Index for Elderly Consumers, which will track cost-of-living changes for individuals aged 62 and older. This index will allow for more accurate adjustments to Social Security benefits.