Navigation Links
Social Security COLA: Tomorrow's Zero COLA Announcement for 2010 Could Cost Average Senior $10,134
Date:10/14/2009

President Obama's Call for $250 One-Time Payment Would Cover Just Two Percent of Lost Income

WASHINGTON, Oct. 14 /PRNewswire-USNewswire/ -- Tomorrow 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 this afternoon 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."

With 1.2 million supporters, The Senior Citizens League (www.SeniorsLeague.org) is one of the nation's largest nonpartisan seniors groups. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Shannon Benton

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=49954

SOURCE The Senior Citizens League


'/>"/>
SOURCE The Senior Citizens League
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Jackson & Coker Investigates the Impact of Social Media on Hospitals and Physicians
2. New PBS Documentary Website Offers Unprecedented Look at Human Emotions and Provides Tools for Building Social Connections
3. Social Support: Impact on Health and the Bottom Line
4. Immune Deficiency Foundation Among the First Rare Disease Patient Organizations to Launch Major Social Networking Initiatives
5. AARP Says No Way to No Social Security COLA in 2010
6. Largest Survey of Its Kind Finds the Psychological and Social Effects of Psoriasis Greater for Women
7. Lack of Social Interaction Affects Health Outcomes of Breast Cancer --Stress from loneliness leads to increased tumor growth, Decrease breast cancer risk by increasing social interaction
8. Social Isolation Adversely Affects Breast Cancer
9. Lack of social interaction affects health outcomes of breast cancer
10. Social isolation worsens cancer
11. Social Status as a Teen Predicts Health as an Adult
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/20/2017)... ... 20, 2017 , ... HOUSTON – Brazos Towers at Bayou Manor is ... new options for today’s modern senior. Brazos Towers at Bayou Manor has more than ... while offering them the services to support that lifestyle both now and in the ...
(Date:6/20/2017)... ... June 20, 2017 , ... Leading dental clinicians, Drs. ... technology with the VATECH PaX-i and Anatomage systems. With advanced digital images and modeling ... can place dental implants precisely and restore oral health for those who are ...
(Date:6/20/2017)... NJ (PRWEB) , ... June 20, 2017 , ... With ... Invisalign® in Denville, NJ, Drs. Adam and Hal Kimowitz are currently accepting ... the complications that traditional orthodontics can cause for some patients, which is why they ...
(Date:6/20/2017)... Yorba Linda, Ca (PRWEB) , ... June 20, ... ... selection of alternative polyA sites. To understand their regulatory principles, the research team ... 3´ mRNA-Seq, iCLIP and RNA motif analyses. This reveals at nucleotide resolution the ...
(Date:6/20/2017)... ... June 20, 2017 , ... ... systems industry has been selected as the partner of choice by Amtrak to ... railroad service that provides medium- and long-distance intercity service in the contiguous United ...
Breaking Medicine News(10 mins):
(Date:5/26/2017)...  In response to the opioid epidemic in ... working with Pfizer to make up to 1 million ... community health centers, free and charitable clinics, public health ... "Pfizer has a long-standing commitment to improving health outcomes ... through educational activities," said Caroline Roan , vice ...
(Date:5/23/2017)...  Leaf Healthcare, recognized for developing one of ... ulcer prevention, will unveil its comprehensive mobility monitoring ... Nurses, National Teaching Institute and Critical Care Exposition ... Patient Monitoring System is the first mobility monitoring ... system seamlessly tracks patient movement throughout the mobility ...
(Date:5/22/2017)... May 22, 2017  As the specialty pharmacy ... continue to make the revolutionary shift from volume-based ... for ensuring positive patient outcomes and shaping the ... shifting focus away from clinical trials and toward ... long-term specialty drug therapy utilization in precise patient ...
Breaking Medicine Technology: