From Social Security Works (http://www.socialsecurityworks.org/):
As the calendar turned to January 2020, our Social Security benefits saw a 1.6% increase over last year’s, due to the automatic cost-of-living adjustment (COLA). That amounts to just an average of $24 a month—a very modest bump that sadly doesn’t even cover one trip to the grocery store.
But, many seniors will see even less than that, because Medicare Part B’s standard monthly premium, which is automatically deducted from Social Security checks, is increasing by $9.10 a month.
Americans need more than a measly $15 per month increase in our modest Social Security benefits. We need to fix the formula used to calculate Social Security’s COLA. The Social Security 2100 Act does just that, by updating the formula to reflect the real expenses that Social Security beneficiaries face.
Sign the petition at https://actionnetwork.org/petitions/sign-now-demand-a-social-security-cost-of-living-adjustment-that-reflects-the-real-costs-that-we-face and tell Congress to pass the Social Security 2100 Act and give Social Security beneficiaries a real cost-of-living adjustment!
Medicare premiums and deductibles are rising by 7%. A 1.6% increase in Social Security benefits just doesn’t keep up.
The current stingy COLA formula means that Social Security benefits are gradually eroding over time, since they are rising more slowly than inflation. The erosion of these benefits makes it harder for seniors and Americans with disabilities to get food, medicines, and other necessities—especially at a time when one-third of the average Social Security check is already going toward out-of-pocket medical expenses.
That’s why together we’re fighting to expand Social Security and increase the COLA to reflect the real costs that beneficiaries face.
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