Many seniors continue to endure financial strain. Today they face rising costs and struggle to keep pace with their key expenses -- health care and prescription drugs.
Their current Social Security cost-of-living adjustment (COLA) is intended to offset rising costs due to inflation. But, in reality it fails to reflect the rising health care costs faced by our seniors. These costs are increasing at a much faster pace than general inflation, lowering the purchasing power of their Social Security benefit.
Many on Capitol Hill have recently proposed dangerous plans to minimize the already shrinking adequacy of seniors' inflation protection.
If adopted, the proposed COLA formula would cut even deeper into the already inadequate benefit adjustment. Seniors cannot "cut back" spending on their health care.
Please tell your Senators and Representative that you want your Social Security inflation protection to reflect the true costs of senior living on a fixed income.
America's seniors are already struggling to keep up with their day-to-day costs. And now, they face an even tougher battle as their cost-of-living adjustments (COLA) are failing to keep up with their real-life expenses.
The current basis for determining the COLA is the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which fails to reflect the rapidly rising health care costs faced by our elder population. These costs are increasing at a much faster pace than general inflation, diminishing retiree's Social Security benefits the longer they live.
To be fair to seniors, the COLA should be based on the Consumer Price Index for the Elderly (CPI-E). The CPI-E's formula is a better measure of the real-world costs of living on a fixed income.
Please support the Consumer Price Index for Elderly Consumers Act (H.R. 456, H.R. 798 and S. 1876) that implements using the CPI-E as a basis for calculating the COLA. Thank you for your time.
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