October 12, 2023

Statement by Retiree Leader Richard Fiesta on the 3.2% COLA Increase for Social Security Beneficiaries

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding the announcement that there will be a 3.2% cost-of-living (COLA) benefit increase for millions of Social Security beneficiaries, disabled veterans and federal retirees next year:

“The seventy-one million Americans who rely on their earned Social Security and Supplemental Security Income benefits will undoubtedly benefit from this modest cost-of-living increase, but it is not enough.

“The increase amounts to an additional $59 per month for the average retired worker. A COLA increase is always welcome news, but too many older Americans will continue to struggle to pay for basics like food, housing, and prescription drugs.

“Strengthening Social Security and increasing benefits is a must. If billionaires and the wealthiest Americans paid their fair share into the system, we could afford to increase benefits across the board and ensure Social Security is there for future  generations.

“What we don’t need are the dangerous proposals tossed around by many Republicans in Congress and on the presidential campaign to gut the benefits we’ve earned over a lifetime of work. Schemes to raise the retirement age, cut benefits or privatize Social Security are unacceptable. Retirees should pay close attention and make sure they support candidates who will protect the benefits they earn, not slash them.”

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Contact:  David Blank, dblank@retiredamericans.org