Seniors Report Social Security COLAs Not Enough to Pay Higher Costs - AMAC & Yahoo Finance
It’s a familiar refrain from seniors that their Social Security benefits just don’t keep up with rising overall prices. Benefits do increase every January 1st based on an inflation formula, but Josephine Nesbit of Yahoo Finance cites a survey from the Senior Citizens League, one of the nation’s largest nonpartisan seniors groups. According to their data from surveying 1,125 participants in early 2021, more than 62% of retirees think that Social Security cost-of-living adjustments need a guaranteed minimum of 3%. The League stated that they are working with Congress to increase benefits for retirees to the 3% guaranteed minimum and to use the Consumer Price Index for the Elderly, or CPI-E. Since 2010, the average increase has been 1.4%, according to data from the Social Security Administration. Full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases and using a tiered cost of living adjustments approach that assists lower income recipients most. 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 research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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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