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Dear John,
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Even as we face unprecedented attacks against your earned benefits, we must continue to remind our elected officials about the critical need to strengthen Social Security. And fixing the deeply flawed Social Security Cost-of-Living Adjustment (COLA) formula remains a top priority of the National Committee.
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Next year’s 3.2% Social Security COLA is much smaller than this year’s 8.7% COLA. It amounts to a modest $59 increase in the average benefit for retired workers — and it simply won’t keep up with the rising cost of housing, prescription drugs and food.
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The current formula used to calculate COLAs is inherently flawed — because it does not truly reflect the increase in prices for the goods and services that Social Security beneficiaries like you rely on.
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And it’s past time for Congress to act! That’s why I’m asking you to sign our urgent Petition to Congress today, putting pressure on your members of Congress to support the “Fair COLA for Seniors Act” that would provide a fairer and more accurate COLA formula.
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The National Committee has been advocating for a more accurate COLA formula for more than 30 years. If Social Security used the Consumer Price Index for the Elderly (CPI-E), the 2024 COLA would have been at least 4% rather than 3.2%.
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The “Fair COLA for Seniors Act” would do away with the current COLA formula which is woefully inadequate for calculating the true impact of inflation on seniors’ wallets. The current formula under-represents the rising costs that retirees pay for expenses like health care, prescription drugs, food and housing.
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The health and financial security of millions of Americans depends on getting a fair and accurate COLA next year and every year. So please help us build support for the “Fair COLA for Seniors Act” by signing our Urgent Petition to Congress today!
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