More Thoughts on Social Security COLA
The nearly non-existent Cost-of-Living-Adjustment (COLA) awarded to Social Security recipients in 2017 continues to draw attention in the media, as indicated by this piece posted today by TDAmeritrade contributor Dan Rosenberg. His remarks highlight the implications of the COLA calculation process for seniors, and provides some suggestions for those aging into Social Security to mitigate these implications.
2017’s almost flat COLA, coming on the heels of a zero adjustment in 2016, continues to draw the attention of AMAC. We initiated bi-partisan legislation, The Seniors Act, H.R. 4140, calling for a one-time, lump-sum payment of one percent to Social Security recipients to soften the blow of adjustments that do not adequately cover the cost increases faced by our seniors. As AMAC President and CEO Dan Weber noted in a press release shortly after announcement of the 2017 0.3% adjustment, ““Medical costs, food costs and the costs of heating and air conditioning and other necessities have increased sharply in recent years, leaving the elderly with difficult choices to make.”
As noted in yesterday’s Social Security Report headline post, the COLA issue is part of AMAC’s “Social Security Guarantee” legislative framework proposal now under consideration on Capitol Hill. Learn more about that proposal here…