RetireSafe Praises COLA Increase As Needed

October 20, 2011
Washington, DC (October 20, 2011) Today RetireSafe, the voice of 400,000 older Americans nationwide, called the announced Cost of Living Adjustment (COLA) increase for 2012, desperately needed, but far too little, too late for seniors across the land. RetireSafe President Thair Phillips called the increase, “Proof positive of just how far economically behind seniors are in 2011 – all because of a flawed COLA calculation process that uses inflation data from a Consumer Price Index (CPI) for ‘Urban Professionals and Clerical Workers,’ not the high costs faced by older Americans.” He called on the Congress to “correct this grievous situation by immediately passing H.R. 1086, the CPI for Seniors Act.”
Phillips continued, “gas prices are still high, rents are climbing, energy costs are high, food prices have been at record levels, and health care costs have risen and will continue to rise by double digits, and yet seniors who have suffered with a “zero” COLA increase for two years will now get ONLY a 3.6 percent COLA increase for 2012.” “Every Social Security beneficiary and every military retiree impacted deserves a better, fair system,” he said.” The CPI for Seniors Act, H.R. 1086, will provide the correct formula and the stability these older Americans can depend on,” he added.
“Adding insult to injury, some seniors will face a big hike in Medicare premiums that will rob them of all or part of the COLA increase,” Phillips went on to say. “The flawed COLA formula that continues to devil every older American MUST be changed,” he concluded.