How about the 2021 COLA?
Maurie Backman notes how many Social Security recipients were less than thrilled to receive a paltry 1.6% cost of living adjustment this past January 1st. Medicare premium further increased reduced the average $24 increase by a third. Early estimates from the nonpartisan Senior Citizens League point to a 1.5% COLA for the upcoming year. Backman explains why, noting of course it’s too early to know anything for certain. The COLA will not be announced until mid October 2020. Read full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.
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