Navigation Links
Household Spending Up - Social Security Benefits Flat, Says New Survey By The Senior Citizens League
Date:4/11/2017

Older Americans report that their household budgets jumped substantially last year despite the lack of growth in their Social Security benefits, according to a new survey by The Senior Citizens League (TSCL). “The gap between benefit growth and retiree costs was particularly pronounced due to rising prices of the most essential items in retirees’ budgets, — medical and food costs,” says TSCL’s Social Security and Medicare policy analyst, Mary Johnson. TSCL today sent a letter to Congressional leaders calling upon them to enact legislation that would provide a modest boost to Social Security benefits.

The largest percentage of those surveyed in TSCL’s 2017 Senior Survey — 37 percent — reported that their household expenses rose by more than $119 per month in 2016, yet the annual cost of living adjustment (COLA) increased benefits by only 0.3 percent, about $4.00- $5.00 per month for someone with average benefits. Few beneficiaries actually saw an increase in benefits at all, however, because rising Medicare Part B premiums took the entire COLA. “This flat growth in Social Security forces tens of millions of retirees and their families to spend more out of savings every year, go into debt, or look to Medicaid and other safety net programs to make ends meet,” Johnson says.

Over the past four years, TSCL’s surveys have found that about 9 out of 10 people receiving Social Security benefits report that their household spending rose by at least $39 per month during the prior year. But that’s just the tip of the iceberg. “Retirees need to plan for large monthly jumps in spending annually over the course of their retirement,” Johnson says. In every year since 2014, the largest percentage of those people participating in TSCL annual Senior Surveys reported that their household spending jumped by more than $119 per month. Since 2014 annual COLAs grew a total of just 3.5 percent, averaging less than 0.9 percent per year. One factor in why retirees have such a gap between their COLA and spending is the consumer price index (CPI) that the government uses to measure inflation and to determine the annual boost. “One would think that the CPI used to calculate COLAs for retirees would be based on seniors’ spending patterns, but it is not,” says Johnson. Instead, the COLA is determined by the growth in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Younger working adults spend a far smaller portion of their income on medical costs, which is the fastest growing category of the CPI in most years. On the other hand, younger working adults spend more on transportation and gasoline, categories that have gone down dramatically in recent years. “This tends to understate the inflation experienced by the majority of people receiving Social Security,” notes Johnson.

TSCL survey participants are strongly supportive of legislative proposals that would modestly boost Social Security benefits, with 78 percent supporting the proposal. In addition the survey found that 86 percent support boosting the COLA by tying the annual COLA to the Consumer Price Index for the Elderly (CPI-E), which would tend to provide a modestly higher COLA in most years.

TSCL sent a letter to House and Senate leaders asking for their support for a more fair and adequate Social Security COLA. Stated TSCL’s Chairman Arthur Cooper, “Eighty-six percent of TSCL’s members and supporters believe Congress must pass legislation tying the annual COLA to the Consumer Price Index for the Elderly (CPI-E). Doing so would more accurately base COLAs on the spending patterns of seniors instead of the spending patterns of young, urban workers, and would go a long way in improving the adequacy of Social Security benefits.”

Visit http://www.SeniorsLeague.org to participate in TSCL’s annual Senior Survey.

###

With 1.2 million supporters, The Senior Citizens League is one of the nation’s largest nonpartisan seniors groups. 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 The Retired Enlisted Association. Visit http://www.SeniorsLeague.org for more information.

Read the full story at http://www.prweb.com/releases/senior-citizens-league/041217/prweb14232366.htm.


'/>"/>
Source: PRWeb
Copyright©2017 Vocus, Inc.
All rights reserved


Related medicine news :

1. World Patent Marketing Invention Team Introduces Smitten in a Mitten, a New Household Invention That's Truly Gentle on the Hands
2. World Patent Marketing Invention Team Introduces The Kick Plate Step Tool, A New Household Invention
3. World Patent Marketing Invention Team Introduces The Water Powered Back Scrubber, A Breakthrough Household Invention Meant For Longer Showers
4. World Patent Marketing Review Committee Approves The Instant Freeze Pack, A Household Invention That Will Beat The Summer Heat!
5. World Patent Marketing Success Group Offers New Household Invention Easy 3, An Innovative Way To Update Your Bathroom On A Budget
6. World Patent Marketing Invention Team Launches Super Style Fitted Cover, A Household Invention That Brings Innovation And Function To The Table!
7. World Patent Marketing Success Group Launches the Disposable Draining Pan, a Household Invention That Helps Create Heart Healthy Meals for the Entire Family
8. Work that Chair: 6 Household Items for Awesome Abs and Arms in 25 Minutes
9. The Senior Citizens League National Survey Says - 56% of Social Security Households Pay Tax on Their Benefits
10. World Patent Review Committee Announces the Return of the Curtain with Unstoppable Swappables, a Breakthrough Household Invention
11. Household Spending Expectations For The Coming Year Are Improving As World Patent Marketing Develops The Extender Rod
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2017)... ... , ... MD Now Urgent Care opened its newest location on ... marks the urgent care center's eighth location in Miami-Dade county. , The center's address ... The new clinic offers a wide array of services to patients in ...
(Date:6/23/2017)... ... June 23, 2017 , ... Ross Insurance ... With the Federal Emergency Management Agency’s (FEMA) recent update of flood zones, more ... 2012, the Biggert-Waters Act was enacted to reflect the actual risk in flood ...
(Date:6/23/2017)... ... ... Ulster University, Magee Campus in Northern Ireland is hosting The Schools for ... to graduate students exciting new and innovative hope research based on iFred’s “Schools for ... Improvement Service of the Western Health & Social Care Trust (WHSCT) in partnership with ...
(Date:6/23/2017)... ... 23, 2017 , ... Jusino Insurance Services, a locally owned ... greater Chicago metropolitan area, is embarking on a charity drive in conjunction with ... Founded in 1897, Hephzibah Children’s Association is one of the oldest social services ...
(Date:6/23/2017)... ... June 23, 2017 , ... Radabaugh ... planning to families and business owners in North Central West Virginia, is embarking ... services to differently abled residents in the region. , The Stepping Stones organization ...
Breaking Medicine News(10 mins):
(Date:6/13/2017)... June 13, 2017 Zimmer Biomet Holdings, Inc. (NYSE ... announced that the U.S. Food and Drug Administration (FDA) has ... 2015 relating to its Zhejiang, China ... "The successful clearance of the Warning Letter related ... facility is a measure of the progress we have made ...
(Date:6/10/2017)... June 9, 2017  Shane K. Burchfield, DPM, is recognized by ... as a Podiatrist in Alabama . ... First Foot Care. He brings over 20 years of experience, as ... and healthcare, to his role. ... PC is pleased to welcome you to his practice," ...
(Date:6/8/2017)... , June 8, 2017  Less than a ... hit more than 200,000 companies, including hospital networks, in ... heralded as one of the largest online extortion attempts ... the healthcare market, it is imperative that providers understand ... their data from this — and many other very ...
Breaking Medicine Technology: