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Statement by Senior Pensioner Richard Fiesta on increasing the COLA by 1.6% for Social Security Beneficiaries RETIREMENT

October 10, 2019

Statement by Senior Pensioner Richard Fiesta on increasing the COLA by 1.6% for Social Security Beneficiaries

The following statement was made by Richard Fiesta, executive director of the Alliance for Retired Americans, regarding the government's announcement that next year's 1.6% increase in benefits will be targeted at millions of social security recipients, disabled veterans and federal retirees :

"Members of the Alliance for Retired Americans are disappointed that 63 million social security workers will receive a modest 1.6% increase in 2020.

"While COLA (Cost of Living Adjustment) helps a little, 1.6% is not nearly as high as the rising cost of prescription drugs and other expenses. One in four older Americans say they do not take a prescription from their doctor for cost reasons. Retirees deserve to live in retirement with dignity, without worrying about the payment of basic needs.

"To help seniors and strengthen social security, we need to expand the program and increase benefits. We can do this by getting the richest Americans to pay their fair share by removing the artificial income restriction. This would strengthen the Social Security Trust Fund and offer higher benefits to all retirees. In addition, future COLAs should be based on the CPI-E, the consumer price index for the elderly. The VPI-E reflects the health and housing costs for which seniors actually spend their money. "

For more information on outstanding federal social security legislation, see our download Data sheet.

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Contact: David Blank – 202 / 637-5275 or [email protected]

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