PRNewswire/ -- Today RetireSafe, representing 400,000 senior citizen supporters across America, announced a "Let's Get it Right" campaign for 2010 to establish a new Consumer Price Index for Seniors (CPI-S) so that Social Security benefits can be accurately and fairly determined each year. In addition, the group announced its support for the pending introduction of new legislation by U.S. Representative John "Jimmy" Duncan, Jr. (R-TN) which would direct the Bureau of Labor Statistics (BLS) to finally determine the "right" CPI-S formula for seniors. RetireSafe, an advocacy organization for older Americans, supports this critical first step to correct the faulty formula now used by the BLS, the same one resulting in a "zero" COLA for 2010.
According to RetireSafe President Thair Phillips, "The BLS, along with numerous other credible sources, has noted that each of the present methods now used (CPI, CPI-U, CPI-W, and CPI-E) to calculate inflation is severely flawed in measuring seniors' actual costs and expenses. While there may be other approaches to address this problem, we believe the first step should be an accurate CPI for seniors, a true CPI-S. Fortunately, Congressman Duncan agrees that seniors deserve a fair and accurate annual COLA that can only be determined with a fair and accurate CPI-S. He will be introducing the 'CPI for Seniors' Act next month, and we are fully committed to help Congressman Duncan enact this important legislation."
As Congressman Duncan notes, "The annual Social Security COLA is a crucial element to maintain a decent quality of life for our seniors, both in my District in Tennessee, and across the Nation. It must be based upon an accurate CPI-S that truly reflects the real impact of inflation on older Americans coping with ever-higher health care, energy, and food prices. I'm very pleased to be able to work with RetireSafe to enact new legislation that I believe will finally ensure fairness and accuracy for seniors," Duncan stated, pledging bill introduction in January.
Phillips continued, "This is the right approach to correct a longstanding wrong that has harmed our seniors for decades. They're not looking for a hand-out, which is what other measures propose, but rather they want the fair, accurate, and 'right' benefits they have worked for and rightly deserve. We are proud to work with Congressman Duncan to enact into law the 'CPI for Seniors' Act for America's seniors that he will soon be introducing in the U.S. House of Representatives."
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Showing posts with label cola. Show all posts
Showing posts with label cola. Show all posts
Tuesday, December 29, 2009
Thursday, October 15, 2009
Social Security COLA: Today's Zero COLA Announcement for 2010 Could Cost Average Senior $10,134
(BUSINESS WIRE)--This morning, the Social Security Administration is expected to announce that seniors will receive no Cost of Living Adjustment (COLA) in their Social Security checks next year.
President Obama’s call late yesterday for Congress to pass a one-time payment of $250 for seniors would make up just a tiny fraction of the amount seniors will lose throughout their retirement.
A senior retiring in 2009 with average benefits would lose $10,134 over the course of a 20-year retirement, due to the loss of the compounding effect of an average annual benefit increase of three percent, according to a recent analysis by The Senior Citizens League (TSCL).
PROBLEM
* The Congressional Budget Office (CBO) also forecasts a zero COLA for 2011. If there is no COLA for both years, a senior retiring in 2009 with average benefits would lose $20,144.
* Although the COLA is intended to help seniors keep up with inflation, a recent study by TSCL that analyzed 20 key expenditures found that people 65 and over have lost 20 percent of their buying power since 2000.
* Common senior expenses have soared since the beginning of the decade, such as Medicare Part B premiums (up 112 percent), heating oil (up 96 percent), and a dozen eggs (up 99 percent).
* Almost 70 percent of beneficiaries depend on Social Security for 50 percent or more of their income. Social Security is the sole source of income for 15 percent of beneficiaries.
SOLUTION
* The Emergency COLA Bill (H.R. 3557), introduced last month by Congressman Walter Jones (NC) and encouraged and promoted by TSCL from the beginning, would provide a COLA for 2010 equal to the average of the COLA over the past ten years. That average is roughly three percent.
* The bill would give the average beneficiary an additional $415.20 in Social Security payments in 2010, a boost of $34.60 per month.
* More importantly, the bill prevents seniors from losing the compounding effect of a COLA increase, which could result in thousands of dollars more throughout retirement for millions of seniors.
* In June, The Senior Citizens League (TSCL) became the first national group to call for an Emergency COLA for 2010.
QUOTES
Daniel O’Connell, Chairman, The Senior Citizens League:
“With inflation rising faster than the COLA, it’s no surprise that more seniors are slipping into poverty than ever before. Since millions of seniors are desperate for an Emergency COLA next year, we encourage all seniors to contact their Members of Congress immediately.”
Shannon Benton, Executive Director, The Senior Citizens League
“Although President Obama’s call for a one-time payment of $250 will help seniors, it is not nearly enough to compensate for the rising costs seniors have been enduring for years. Today, a senior can buy just 80 percent of what they could have afforded at the beginning of the decade – and $250 does not address that terrible trend in an effective manner.”
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President Obama’s call late yesterday for Congress to pass a one-time payment of $250 for seniors would make up just a tiny fraction of the amount seniors will lose throughout their retirement.
A senior retiring in 2009 with average benefits would lose $10,134 over the course of a 20-year retirement, due to the loss of the compounding effect of an average annual benefit increase of three percent, according to a recent analysis by The Senior Citizens League (TSCL).
PROBLEM
* The Congressional Budget Office (CBO) also forecasts a zero COLA for 2011. If there is no COLA for both years, a senior retiring in 2009 with average benefits would lose $20,144.
* Although the COLA is intended to help seniors keep up with inflation, a recent study by TSCL that analyzed 20 key expenditures found that people 65 and over have lost 20 percent of their buying power since 2000.
* Common senior expenses have soared since the beginning of the decade, such as Medicare Part B premiums (up 112 percent), heating oil (up 96 percent), and a dozen eggs (up 99 percent).
* Almost 70 percent of beneficiaries depend on Social Security for 50 percent or more of their income. Social Security is the sole source of income for 15 percent of beneficiaries.
SOLUTION
* The Emergency COLA Bill (H.R. 3557), introduced last month by Congressman Walter Jones (NC) and encouraged and promoted by TSCL from the beginning, would provide a COLA for 2010 equal to the average of the COLA over the past ten years. That average is roughly three percent.
* The bill would give the average beneficiary an additional $415.20 in Social Security payments in 2010, a boost of $34.60 per month.
* More importantly, the bill prevents seniors from losing the compounding effect of a COLA increase, which could result in thousands of dollars more throughout retirement for millions of seniors.
* In June, The Senior Citizens League (TSCL) became the first national group to call for an Emergency COLA for 2010.
QUOTES
Daniel O’Connell, Chairman, The Senior Citizens League:
“With inflation rising faster than the COLA, it’s no surprise that more seniors are slipping into poverty than ever before. Since millions of seniors are desperate for an Emergency COLA next year, we encourage all seniors to contact their Members of Congress immediately.”
Shannon Benton, Executive Director, The Senior Citizens League
“Although President Obama’s call for a one-time payment of $250 will help seniors, it is not nearly enough to compensate for the rising costs seniors have been enduring for years. Today, a senior can buy just 80 percent of what they could have afforded at the beginning of the decade – and $250 does not address that terrible trend in an effective manner.”
-----
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