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2018 Social Security COLA Won't Meet Seniors' Needs

Ocrober 13, 2017

News Release

“The just-announced 2.0% cost-of-living increase (COLA) for Social Security beneficiaries is woefully inadequate. The 2018 COLA translates into a paltry $27 a month for the average recipient, barely enough for a prescription co-pay, a tank of gas, or a bag of groceries. Because COLAs are cumulative from year to year (2016’s was 0% and 2017’s 0.3%), beneficiaries will continue to fall further behind.  For many seniors, the COLA increase will be completely negated by the increase in Medicare premiums for 2018 (about 23%).  In fact, Social Security COLAs will never truly keep pace with seniors’ actual cost of living as long as they are tied to the Consumer Price Index for Urban Wage Earners (CPI-W).  The National Committee supports legislation in Congress by Rep. Rick Nolan (D-MN) to link COLAs to a CPI for the Elderly (CPI-E), which more accurately reflects seniors’ living expenses.  (The legislation would also give beneficiaries a one-time emergency benefit payout equal to a 3.9% raise.)  Only then will COLAs truly keep pace with the rising costs of aging.”  

  • Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare

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The National Committee, a nonprofit, nonpartisan organization acts in the interests of its membership through advocacy, education, services, grassroots efforts and the leadership of the Board of Directors and professional staff.  The work of the National Committee is directed toward developing better-informed citizens and voters.


Media Inquiries to:

Pamela Causey 202-216-8378/202-236-2123

Walter Gottlieb 202-216-8414




   

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