Social Security COLAs Need to Reflect the Real Expenses Beneficiaries Face

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Social Security COLAs Need to Reflect the Real Expenses Beneficiaries Face

FOR IMMEDIATE RELEASE
October 13th, 2017

Contact
: Linda Benesch, lbenesch@socialsecurityworks.org

Social Security COLAs Need to Reflect the Real Expenses Beneficiaries Face

(Washington, DC) — The following is a statement from Nancy Altman, President of Social Security Works, on the Social Security Administration’s announcement that next year’s Social Security cost-of-living adjustment will be 2%:

“The annual Social Security cost-of-living adjustment (COLA) is essential to ensuring that Social Security’s modest but vital benefits do not erode over time. Next year’s 2% COLA is too small to reflect the real expenses beneficiaries face, particularly after years of minuscule and even non-existent COLAs.

For many beneficiaries, even this small adjustment will be wiped out by increases in Medicare premiums and other healthcare costs. It’s long past time for Congress to update the formula used to calculate the yearly COLAs so that it reflects the costs that seniors and Americans with disabilities face every day.”

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