Navigation Links
The Senior Citizens League Warns 2014 Cost of Living Adjustment Flat
Date:7/30/2013

Alexandria, VA (PRWEB) July 31, 2013

More than 62.6 million people who collect Social Security or benefits from other federal programs aren’t likely to see much growth in their payments next year. According to recent consumer price index (CPI) data through June, cost-of-living adjustments (COLAs) will stay pretty flat. Based on inflation growth over the past twelve months, the 2014 COLA will be in the vicinity of 1.7% — the same percentage of increase that seniors received this year. That would raise average monthly benefits of $1,157 by just $19.70.

While that’s better than 2010 and 2011 when inflation was so low that no COLA was paid for two years in a row, it’s unlikely to cover seniors’ real cost increases. According to a survey performed by The Senior Citizens League (TSCL), one of the nation's largest nonpartisan seniors groups, 89% of respondents reported that the 1.7% COLA in 2013 increased benefits by less than $29 per month. On the other hand, almost the same number, 88%, reported that their total monthly expenses rose by more than $39. The majority of those people, 40%, said that their monthly costs rose by more than $119.

“This discrepancy between COLAs and real costs is squeezing senior households, under the current COLA law,” says TSCL Chairman Larry Hyland. Yet despite the grim statistics, members of both parties are proposing to cut COLA growth further. Congress is considering a proposal to use a more slowly-growing CPI, known as the “chained” consumer price index, to calculate annual COLAs. The Congressional Budget Office estimates that using the chained CPI would reduce Social Security benefits by more than $127 billion over the next ten years alone. The impact would reach far beyond Social Security recipients if applied to other COLA programs. Doing so would cut benefits paid by those programs an additional $37.5 billion.

New data compiled by TSCL illustrates the number of beneficiaries in the nation’s six largest COLA – adjusted federal benefit programs. There is some overlap between programs. “If someone depends on benefits from another federal program in addition to Social Security, their income would be doubly jeopardized by COLA cuts,” Hyland points out.

TSCL is fighting COLA cuts and lobbies for legislation that would ensure a more fair and adequate COLA. “Seniors should contact their Members of Congress and urge their lawmakers to stop the COLA cuts,” Hyland says. To learn more and to find out how much you could lose, try TSCL’s Chained COLA Calculator at http://www.SeniorsLeague.org.

###

With about 1 million supporters, The Senior Citizens League is one of the nation's largest nonpartisan seniors groups. Located just outside Washington, D.C., 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 TREA The Enlisted Association. Please visit http://www.SeniorsLeague.org or call 1-800-333-8725 for more information.

Read the full story at http://www.prweb.com/releases/2013/7/prweb10973355.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Depression, Anxiety Tied to Physical Disabilities in Seniors
2. Climate Change Could Be Tough on Seniors Health: Study
3. Seniors Stop Taking Heart Drugs In Medicare Donut Hole
4. Strength Training May Give Boost to Seniors Brains
5. Seniors Undertreated for Asthma, and Many Skip Inhalers: Study
6. Exercise Plus Computer Time May Boost Seniors Brains
7. Great recession reflux amounts to more hunger among seniors
8. Under pressure from Medicare, hospitals hold more seniors for observation
9. The Tennessee Car Accident Lawyers at Michael D. Ponce & Associates Alert Public of CDC Survey Revealing Majority of High School Seniors Admitting to Texting Behind Wheel
10. With Home Sales Lagging, The Lakes at Pointe West Offers Solution for Seniors
11. With Home Sales Lagging, Watersong Offers Solution for Seniors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... June 25, 2016 , ... Conventional wisdom preaches the benefits of ... of the latter, setting the bar too high can result in disappointment, perhaps even ... progress toward their goal. , Research from PsychTests.com reveals that behind ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out ... family verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers ... would throw rocks at my other children and say he was going to kill them. ...
(Date:6/24/2016)... ... , ... Comfort Keepers® of San Diego, CA is excited to announce they ... to drive cancer patients to and from their cancer treatments. Comfort Keepers provides ... life and ongoing independence. Getting to and from medical treatments is one of ...
(Date:6/24/2016)... , ... June 24, 2016 , ... ... is proud to recognize Dr. Barry M. Weintraub as a prominent plastic surgeon ... beautiful women in the world, and the most handsome men, look naturally attractive. ...
(Date:6/24/2016)... ... 24, 2016 , ... Venture Construction Group (VCG) sponsors Luke’s Wings ... 20th at the Woodmont Country Club at 1201 Rockville Pike, Rockville, Maryland, 20852. ... service members that have been wounded in battle and their families. Venture Construction Group ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... According to a new market ... Needles, Safety Pen Needles), Needle Length (4mm, 5mm, 6mm, ... of Purchase (Retail, Non-Retail) - Trends & Global Forecasts ... market for the forecast period of 2016 to 2021. ... by 2021 from USD 1.65 Billion in 2016, growing ...
(Date:6/23/2016)... HOUSTON , June 23, 2016  MedSource ... platform as its e-clinical software solution of choice.  ... the best possible value to their clients by ... nowEDC.  The preferred relationship establishes nowEDC as the ... pricing for MedSource,s full-service clients.  "nowEDC has long ...
(Date:6/23/2016)... startling report released today, National Safety Council research shows ... plan to eliminate prescription opioid overdoses. Prescription Nation ... the worst drug crisis in recorded U.S. history, assigned a "Making ... , New Mexico , Tennessee ... states, three – Michigan , Missouri ...
Breaking Medicine Technology: