Social Security Recipients To Get Modest Boost, But Advocates Say It’s Not Enough To Cover Health Care, Other Costs
While the annual cost-of-living increase is based on the Consumer Price Index for working-age residents of urban areas, it’s widely accepted that this figure fails to account for seniors’ higher spending on health care and housing.
The Washington Post:
Most Federal Retirees And Social Security Recipients To Get A Cost Of Living Adjustment In January
Most federal retirees will receive an inflation adjustment to their monthly annuities of 1.6 percent in January, in line with the boost of most recent years but below the increase paid at the start of this year. The same cost-of-living adjustment (COLA) will apply to Social Security and military retirement benefits. The figure reflects a 12-month measure of inflation through September announced Thursday. (Yoder, 10/10)
Marketplace:
Social Security Benefits Increase, But Less Than Last Year
The annual COLA is based on the Consumer Price Index for working-age residents of urban areas. But it’s widely accepted that this figure fails to account for seniors’ higher spending on health care and housing, which are experiencing significant inflation. Changing that would require an act of Congress. (Ben-Achour, 10/10)
USA Today:
Social Security COLA 2020: Benefits To Rise 1.6% In 2020
Over the past decade, COLAs have averaged 1.4%, less than half the 3% average the previous decade, according to the Senior Citizens League. Since low COLAs have a cumulative effect over time, Social Security benefits are about 17.5% lower today than if inflation had averaged a more typical 3% over the same period, Johnson says. “The Social Security recipients tell us their standard of living has declined,” Johnson says, noting big-ticket costs for retirees, such as health care and homeowners insurance, have risen sharply. (Davidson, 10/10)
The Associated Press:
Social Security Increase For 2020 Around $24 A Month
Schiavone points to increased health care premiums and copays, along with other kinds of insurance costs, as the main culprits. He expects that part of his adjustment for 2020 will be eaten up by an increase in Medicare's "Part B" premium for outpatient care, which hasn't been announced yet. Democrats are working to convince older people they have their backs on Social Security. Voters age 65 and older went 53% for Donald Trump and 44% for Hillary Clinton in 2016, according to a Pew Research Center analysis. Now, Democrats are aiming to recapture older voters. (10/10)
CQ:
New CBO Estimate Is Gloomier For House Social Security Bill
Legislation advertised as fixing the Social Security trust fund’s long-term shortfall would only keep the fund’s balance above zero until 2036, according to a new analysis by the Congressional Budget Office, which assumes a key modification will be made to the bill. The analysis is the latest in competing estimates made by the CBO and the Social Security Administration regarding Rep. John B. Larson’s Social Security overhaul legislation (HR 860). Currently, the Social Security Administration estimates the trust fund will become insolvent in 2034 if no action is taken, while CBO estimates exhaustion would come in 2032. Both agencies say that once the trust fund hits zero, benefits will have to be cut by 20 percent or more. (Sword, 10/10)
Boston Globe:
After Outcry, Medicare Restores Calculator To Help Seniors Find Lowest-Priced Drug Plans
Six weeks after it sparked a national wave of protest by unveiling a revamped drug insurance website that omitted a tool used by millions, the federal agency that runs Medicare has restored its total-cost calculator to help seniors find the cheapest plans. The calculator has long been the most popular feature of an online tool called Medicare Plan Finder. (Weisman, 10/10)
