The Social Security Trustees say you probably won’t get a COLA increase next year because inflation is low. But we know the COLA formula doesn’t work for seniors and that’s why we want a new formula for seniors, the CPI-E.
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#politics #social security #COLA #seniors #entitlements #retirement #entitlement reform #retirees #retirement crisis #cpi-e #elderly #p2When a candidate promises to “save these programs for future generations” by raising the retirement age, raising the Medicare eligibility age, privatizing Social Security, changing the COLA formula and means-testing Social Security while exempting near retirees what they’re actually saying is: “We know seniors vote so we’ll protect them now and slash future benefits for their children and grandchildren instead.
Social Security is indispensable for many of our nation’s retirees, who depend on the program for retirement security. But for the 65 million people on Social Security, there will be no annual raise in their benefits in 2016.
via NJ.com.
No COLA Increase for Millions of Seniors.
No Social Security COLA Increase + Massive Medicare Hike for Millions.
But they also call for switching COLAs to the Consumer Price Index for the Elderly or CPI-E, designed by the U.S. Bureau of Labor Statistics. The CPI-E would boost Social Security payments without worsening the system’s deficit.
via The Social Security Fix That Could Help the Poorest Retirees.
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But if the CPI-E determined the Social Security COLA, the expected average COLA would increase about 0.2 percentage points per year.
The political right has predictably pounced on the recently-released Social Security Trustees report to call for “entitlement reform” – code for cutting the program. Once again, they are using projections about Social Security’s long-term finances to justify raising the retirement age, reducing COLAs, and cutting benefits. This should not come as a surprise. In the wake of the Trump/GOP tax giveaway to billionaires and big corporations, prominent Republicans all but said that future retirees would be asked to pay the price.
Today’s announcement that there will be no Social Security cost-of-living adjustment (COLA) increase next year, for only the third time in 40 years, means that millions of seniors who rely on their Social Security to get by will once again find their expenses outpacing their Social Security benefit.
via Entitled to Know.
Rather than cut benefits or hike the retirement age, this proposal would increase benefits across the board. It would provide a better cost-of-living adjustment that would reflect the true cost seniors incur, such as higher medical expenses.
Today’s announcement that there will be no Social Security cost-of-living adjustment (COLA) increase next year, for only the third time in 40 years, means that millions of seniors who rely on their Social Security to get by will once again find their expenses outpacing their Social Security benefit.
Since 2009, Social Security beneficiaries have seen a 0% COLA increase three times (2009, 2010, 2016) with an average of just 1.2% increase over those years, confirming yet again, that the current Social Security COLA formula isn’t accurately measuring seniors’ expenses.
Tens of millions of Social Security beneficiaries will not get a raise in 2016, the government announced on Thursday…
…Max Richtman, president of the National Committee to Preserve Social Security and Medicare, said the lack of COLA will be especially harmful, because it is coupled with an increase in Medicare Part B premiums for some seniors. Those premiums are automatically deducted from seniors’ Social Security checks.
“If accurate inflation protection for seniors is truly our goal, Congress needs to adopt a fully developed CPI for the elderly,” Richtman said in a statement. “Until then, we urge Congress to act quickly to mitigate the devastating Medicare hikes headed for millions of Americans who can’t afford them.”
via Huffington Post.
Today’s announcement that there will be no Social Security
cost-of-living adjustment (COLA) increase next year, for only the third
time in 40 years, means that millions of seniors who rely on their
Social Security to get by will once again find their expenses outpacing
their Social Security benefit.
Seniors rely on the mail for everything from bill paying to collecting #SocialSecurity benefits. We must #SaveTheUSPS! https://www.cbsnews.com/news/postal-service-louis-dejoy-delivery-10-year-plan/
