SeniorJournal.com - Daily News for Senior Citizens

  FRONT PAGE Aging • Health • Alzheimer's - Mental • Nutrition • Medicare & Medicaid Politics  • Fitness  • Social Security • Alerts • Sex Health • Features • Retirement  Elder Care  >Search  >Senior Links

 

Social Security News

Minimum Social Security COLA of Three Percent Demanded by Senior Citizens League

About $113 Missing from Social Security in 2015, Says The Senior Citizens League

woman with arms full of cashOct. 23, 2014 – Only a day after Social Security announced a 1.7 percent cost-of-living increase for beneficiaries in 2015, The Senior Citizens League is calling for a minimum increase of 3 percent, which was the average before 2010. The group’s leader, Ed Cates, says benefits of the typical Social Security recipient will be about $5,298 lower by the end of 2015 due to the government not maintaining at least a 3 percent increase.

How much will the Social Security cost – of – living adjustment (COLA) boost your benefits? “Probably not enough to prevent a loss of benefit buying power,” says TSCL Chairman Cates.

The Social Security Administration yesterday announced that beneficiaries would receive a 1.7 percent COLA for 2015. Cates points out this is the sixth consecutive year of “exceptionally low growth in benefits”.

 

Related Archive Stories

 
 

Federal Retirees Most Unhappy with COLA, Face Healthcare Cost Hike of 3.8 Percent

President of National Active and Retired Federal Employees Association pleads for change in COLA calculation

Oct. 23, 2014

Social Security COLA for 2015 Will Be 1.7 Percent, Says SSA

Continues trend of very small increases over last few years - about $22 per month average increase

Oct. 22, 2014

Read more Social Security News also check Medicare and Senior Politics

 

With the average Social Security payment hovering around $1,200 per month, the COLA would boost benefits by around $20.00, he says.

In the past five years the annual adjustment has averaged just 1.4 percent — less than half the 3 percent average of the prior two decades starting in 1990.

Retirees and disabled Social Security recipients are reporting that the COLA is doing a poor job of what it’s intended to do — protecting the buying power of their Social Security benefits, Cates says.

According to an annual survey performed by TSCL, Social Security benefits have lost 31 percent of their buying power since 2000.

The financial impact of six years of low COLAs isn’t immediately apparent to the average person, but “It’s a big one,” Cates says.

A new analysis for TSCL that compared the increases from 2010 through 2015 against the prior 3% average found that, altogether, the benefits of the typical Social Security recipient will be about $5,298 lower by the end of 2015. In 2015 the average monthly Social Security benefit will be about $113 lower, and $1,356 less for the year.

“And that’s not all,” says Cates. “Beneficiaries lose the compounding effect they get with higher benefits,” he notes. “Even when inflation returns to more typical levels, beneficiaries’ lifetime Social Security income will continue to be lower.”

“Economic recession isn’t entirely to blame for low inflation,” says the TSCL news release. For more than three decades the federal government has made a substantial number of changes to the methodology it uses to calculate the consumer price index, which is used to determine the COLA. “Virtually all the changes have tended to reduce the measured rate of inflation,” Cates says.

“Not surprisingly, many COLA recipients sometimes tell us they suspect the government is manipulating the inflation measure to cut spending on their benefits,” he adds.

TSCL believes the current COLA is not sustainable for today’s retirees and disabled beneficiaries, and is lobbying for legislation that would provide a minimum COLA of 3% in years in which inflation drops lower.

What do you think? You have a chance to express your opinion at the TSCL’s website at www.SeniorsLeague.org.

About The Senior Citizens League

With about 1 million supporters, The Senior Citizens League reports it is one of the nation’s largest nonpartisan seniors groups. Located just outside Washington, D.C., its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of TREA (The Enlisted Association). Visit the website or call 1-800-333-8725 for more information.

 

Financial Relief for Volkswagen Diesel Owners

You may be eligible for money damages if you owned or leased one of these VW, Porsche or Audi vehicles.

In the major scandal of 2015, Volkswagen cheated you and the world. They rigged diesel emission controls so you, nor regulators, would know how much pollution their cars were adding to our environment.

They were caught and have reserved $7.3 billion to help "make it right" with victims.

If you owned or leased one of these vehicles, contact us now.

 Beth Janicek, Board Certified Personal Injury Attorney Janicek Law attorneys are actively pursuing these cases against VW. Do Not Wait...

Janicek Law Firm, PC

Free Consultation

(Call toll free)

1-877-795-3425 or Email

Vehicles Involved

VW Jetta (2009–2015)

VW Jetta SportWagen (2009–2014)

VW Golf (2010-2015)

VW Golf SportWagen (2015)

VW Beetle (2012–2015)

VW Passat (2012-2015)

Audi A3 (2010-2015)

VW Touareg (2009–2016)

Porsche Cayenne (2015)

Audi A6, A7, A8, Q5 Quattro (2016)

 

Search for more about this topic on SeniorJournal.com

Google Web SeniorJournal.com

Keep up with the latest news for senior citizens, baby boomers

Click to More Senior News on the Front Page

Copyright: SeniorJournal.com

 

 

 

Published by New Tech Media - www.NewTechMedia.com

Other New Tech Media sites include CaroleSutherland.com, BethJanicek.com, SASeniors.com, DrugDanger.com, etc.