October 10, 2024

Statement by Retiree Leader Richard Fiesta on the 2.5% 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 2.5% cost-of-living (COLA) benefit increase for millions of Social Security beneficiaries, disabled veterans and federal retirees next year:

“The 72.6 million Americans who rely on their earned Social Security and Supplemental Security Income benefits will certainly benefit from this modest cost-of-living increase. However, for far too many Americans, it will come up short.

“The increase amounts to an additional $48 per month for the average retired worker. We welcome the news of an increase, but many older Americans struggle to make ends meet and afford even the most basic necessities like housing, food, and prescription drugs.

“We need a COLA that better reflects how seniors spend their money. Strengthening Social Security and increasing benefits must be a national priority. If billionaires and the top 1% pay their fair share into the system, we can afford to increase benefits across the board and ensure Social Security is there for our children and grandchildren.

“Many Republicans in Congress and on the presidential campaign trail continue to propose cuts to the benefits we’ve earned over a lifetime of hard work. Some of them do it more openly than others, but there is no doubt the threat exists.

“Raising the retirement age, slashing benefits and privatizing the program are among retirees’ top concerns. Older Americans should pay close attention and make sure they support candidates who will protect the benefits they have earned — and even increase them — in the fast approaching November elections.”

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Contact: David Blank, dblank@retiredamericans.org