October 13, 2022

Statement by Retiree Leader Richard Fiesta on the 8.7% 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 an 8.7% cost-of-living (COLA) benefit increase for millions of Social Security beneficiaries, disabled veterans and federal retirees next year:

“Seventy million Americans who rely on their earned Social Security benefits will greatly benefit from this significant cost-of-living increase.This historically high COLA is needed to help ensure older Americans can make ends meet.

“The increase amounts to an additional $146 per month for the average retired worker. Yet as welcome as this news is, too many older Americans will continue to struggle to pay for basic needs.

“It is high time to strengthen and expand Social Security. If we make the wealthiest Americans pay their fair share into the system we can strengthen Social Security for future generations and increase benefits across the board.

“Instead Republicans in the House and Senate and on the campaign trail are tripping over each other to put forward their own extreme and risky schemes to cut or end Social Security as we know it.

“Retirees must be vigilant and make sure they are voting for candidates who will protect the benefits they earn, not put them on the chopping block.”

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Contact: David Blank, dblank@retiredamericans.org