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Insider’s Report: Seniors Deserve a Fair COLA
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As we prepare to hear from the Social Security and Medicare Trustees about the status of these two critical programs, we are also bracing for an estimate of next year’s Cost-of-Living Adjustment (COLA) which will be included in their much-anticipated reports.
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As you know, this year’s 3.2 percent Social Security COLA has been quickly consumed by the stubbornly high cost of housing, food, gas and prescription drugs. And with the exception of a few years, the COLA continues an alarming trend of low COLAs despite the fact that automatic COLAs were legislated to protect the buying power of Social Security beneficiaries!
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The current COLA formula fails to take into account that seniors must spend a significantly larger share of their income on health care and housing expenses, even as these costs are rising faster than the rate of inflation. So how can Congress expect retirees to keep up now?
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They can’t. In fact, for years older Americans have endured a declining standard of living due to a deeply flawed COLA. The Government Accountability Office (GAO) has admitted that “federal retirement benefits could be subjected to adjustment based on potentially inaccurate information.”
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Bottom line, Social Security is basing inflation protection off of the spending habits of working-age urban and clerical workers — not off of the very different spending patterns of seniors who are actually receiving Social Security benefits!
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That’s why the National Committee is calling on lawmakers to pass legislation introduced in Congress by Senator Bob Casey (PA), called the “Boosting Benefits and COLAs for Seniors Act” (S. 3974), which would ensure seniors receive a fairer and more adequate COLA every year.
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America’s seniors have paid into the system their entire working lives. They shouldn’t have to walk a financial tightrope every month, in constant fear of falling into poverty. This Congress, representing the wealthiest country in the world, must do better for its older — and most vulnerable — citizens.
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Please sign our Petition to Congress urging lawmakers to pass the “Boosting Benefits and COLAs for Seniors Act” today!
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Good Bills
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The National Committee endorses S. 3974, the “Boosting Benefits and COLAs for Seniors Act,” introduced by Senator Bob Casey (PA). Current Cost-of-Living Adjustments (COLAs) are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) which has fallen far short of providing needed inflation protection because it fails to adequately measure the spending patterns of seniors. Seniors typically spend more on out-of-pocket health care costs than other Americans, and in most years, the cost of health care rises more quickly than general inflation.
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The National Committee has long advocated for the adoption of an alternative measurement, the Consumer Price Index for the Elderly, or CPI-E, for the purpose of determining COLAs because it is the most accurate measure of the real effect of inflation on the goods and services that are purchased by America’s seniors. S. 3974 would direct the Social Security Administration to adjust benefits based on CPI-E rather than CPI-W, if CPI-E would result in a larger increase in benefits, ensuring that seniors get a large enough increase in benefits to contend with the rise in costs they are facing.
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May Is Older Americans Month!
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Each May, the nation celebrates Older Americans Month to recognize older Americans for their contributions and provide them with information to help them stay healthy and active. The 2024 theme for this year’s Older Americans Month is “Powered by Connection,” which recognizes the profound impact that meaningful relationships and social connections have on our health and well-being.
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As you may know, older Americans are the backbone of the National Committee’s volunteer network and we’re celebrating their contributions to our work this month. The grassroots activism of our passionate and informed members and supporters is the main reason why the National Committee has so much clout in Washington, even though we don’t take a penny of government or corporate money. With so much now hanging in the balance, it’s more important than ever for older adults to stay informed and engaged in the fight to protect and strengthen earned benefits.
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Ask Us!
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Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
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This week’s question is:
My grandson lost his Social Security card. How do I go about getting him a new card?
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Click here to read the answer.
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Ask Us
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Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security.
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Join Now/Donate
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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.
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Social Security Benefits
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Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.
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President and CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM) Max Richtman spoke about the truth that Eric Hovde has no respect for Wisconsinites, especially our seniors, if he is willing to cut costs and put people in danger to make a profit. (April 23, 2024, WisPolitics)
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Read Here →
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Meet freshman Rhode Island Congressman Gabe Amo, who fills some sizable shoes as the successor to former U.S. Representative David Cicilline — a stalwart for seniors. At 36 years-old, Rep. Amo has a clear vision for protecting older Americans, inspired by growing up with a mother who was a nurse in Rhode Island nursing homes. We get his take on the future of Social Security, Medicare and prescription drug costs — in this episode of "You Earned This!" (April 25, 2024, the National Committee’s “You Earned This” Podcast)
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Listen Here →
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Social Security benefit recipients could see a Social Security increase, if a new bill proposed in Congress gets passed and signed into law. (April 26, 2024, NewJersey.com, Katherine Rodriguez)
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Read Here →
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Most U.S. nursing homes will need to add staffing under a federal rule announced Monday that for the first time sets minimum staffing ratios nationwide for homes that care for elderly and disabled people. (April 22, 2024, USA TODAY, Ken Alltucker)
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Read More →
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It may be months before the calendar flips to 2025, but not for Medicare. The Centers for Medicare & Medicaid Services (CMS), which runs the program, just announced two major changes for 2025 you’ll want to know about. (April 22, 2024, Fortune, Richard Eisenberg)
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Read More →
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The Labor Department announced it has finalized its Retirement Security Rule, which aims to protect American workers who are saving for retirement and relying on advice from fiduciaries for it. (April 23, 2024, The Hill, Lauren Sforza)
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Read More →
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The Long-Term Care Workforce Support Act would ensure that direct care professionals have a sustainable, lifelong career by providing substantial new funding to support these workers in every part of the long-term care industry, from nursing homes to home care, to assisted living facilities. (April 22, 2024, RI News, Herb Weiss)
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Read More →
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