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Social security adjustment.
Dear Mrs. Holzendorf:
Thank you for contacting me regarding the cost-of-living adjustment for Social Security. I appreciate hearing from you, and I welcome the chance to respond.
In October of 2008, the Social Security Administration raised the monthly benefits for recipients of Social Security by 5.8 percent for 2009 to account for changes in the cost of living. The increase reflected an index of inflation called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which has been the basis of all Social Security cost-of-living adjustments since 1975.
This increase is the largest in the Social Security COLA since 1982, and rightfully so; I know that many Americans on fixed incomes are struggling with steep rises in the costs of health care and gas. I am very much aware of these problems as I watch my own mother balance her modest retirement and Social Security to make ends meet. Compared to recent years where the COLA increase did not keep up with skyrocketing health care premiums, this 5.8 percent increase is a much needed gain for Social Security recipients.
Some have argued that the CPI-W still does not accurately reflect the cost of living for seniors, who spend a greater proportion of their income on health care than the general population, and would like to use a different formula to calculate cost-of-living increases for Social Security. There have been several proposals in Congress to modify this formula, and I will be sure to keep your thoughts in mind as I review each of them.
The cost-of-living adjustment is a difficult issue because any changes made to it will affect the financial outlook of the Social Security program as a whole. I recognize that our Social Security system is already facing serious challenges. Projections indicate that the program will begin to run a deficit by 2017 and that the Social Security Trust Fund will be exhausted by 2041. As your Senator, I want to make sure that both current and future recipients of Social Security will be able to count on the benefits that they have earned.
Thank you again for contacting me. I hope you will continue to reach out with your thoughts and advice.
All best,
Senator Claire McCaskill
P. S. You may sign up for my email newsletter at www.mccaskill.senate.gov .=
Thank you for contacting me regarding the cost-of-living adjustment for Social Security. I appreciate hearing from you, and I welcome the chance to respond.
In October of 2008, the Social Security Administration raised the monthly benefits for recipients of Social Security by 5.8 percent for 2009 to account for changes in the cost of living. The increase reflected an index of inflation called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which has been the basis of all Social Security cost-of-living adjustments since 1975.
This increase is the largest in the Social Security COLA since 1982, and rightfully so; I know that many Americans on fixed incomes are struggling with steep rises in the costs of health care and gas. I am very much aware of these problems as I watch my own mother balance her modest retirement and Social Security to make ends meet. Compared to recent years where the COLA increase did not keep up with skyrocketing health care premiums, this 5.8 percent increase is a much needed gain for Social Security recipients.
Some have argued that the CPI-W still does not accurately reflect the cost of living for seniors, who spend a greater proportion of their income on health care than the general population, and would like to use a different formula to calculate cost-of-living increases for Social Security. There have been several proposals in Congress to modify this formula, and I will be sure to keep your thoughts in mind as I review each of them.
The cost-of-living adjustment is a difficult issue because any changes made to it will affect the financial outlook of the Social Security program as a whole. I recognize that our Social Security system is already facing serious challenges. Projections indicate that the program will begin to run a deficit by 2017 and that the Social Security Trust Fund will be exhausted by 2041. As your Senator, I want to make sure that both current and future recipients of Social Security will be able to count on the benefits that they have earned.
Thank you again for contacting me. I hope you will continue to reach out with your thoughts and advice.
All best,
Senator Claire McCaskill
P. S. You may sign up for my email newsletter at www.mccaskill.senate.gov .=
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