The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding the announcement that there will be a 3.6% cost-of-living (COLA) benefit increase for millions of Social Security beneficiaries next year:
“Millions of Americans who rely on Social Security welcome any increase in their monthly benefits, but even this larger-than-normal cost-of-living increase is just not enough to keep up with the cost of food, gas, utilities, and prescription drugs.
“The average retired worker will see about $74 more per month next year but a good chunk of that will be wiped out by the higher Medicare Part B premium, which is projected to rise to $209.50 a month in January.
“Strengthening and expanding Social Security must be a national priority. If billionaires and the wealthiest 1 percent pay their fair share, we can boost benefits for everyone, implement a COLA that reflects the cost of things older Americans spend money on, and guarantee the program’s solvency for future generations. It’s time for clear and decisive action.
“In just three weeks, older Americans will have an opportunity to elect members of Congress who will make strengthening Social Security a priority. The future of our earned benefits is on the ballot.”
This content originally appeared on Common Dreams and was authored by Newswire Editor.