That proposal was similar to a flat-rate COLA proposed by one of the think tank's co-chairs, former Rep. Tim Penny, when he was in Congress in 1987. The analysis found that a flat-rate COLA at the 20th percentile would close 50% of Social Security's 75-year shortfall compared to her baseline, while at the 30th percentile it would close about 40%. Both a 20th or 30th percentile flat-rate COLA would boost Social Security benefits for the lowest quintile by 13% to 14%. "One of the biggest takeaways of this particular solution is that it is a stark reminder of the real cost of waiting to save Social Security," CRFB president Maya MacGuineas told FOX Business. GET FOX BUSINESS ON THE GO BY CLICKING HERE"The good news is there are plenty of options out there that, when combined, can save Social Security from abrupt across-the-board cuts in just six years.