The survey found that a person having the national average Social Security benefit in 2000 - 6 per month - would have ,169.80 per month by 2016 due to COLA increases. However, because retiree costs are rising at a substantially faster pace than the COLA, that individual would require a Social Security benefit of ,517.80 per month in 2017 just to maintain his or her 2000 level of buying power..In their 2016 platform, Democrats committed to adopting a more fair and accurate Social Security cost-of-living adjustment, saying, "The Democratic Party recognizes that the way Social Security COLAs are calculated may not always reflect the spending patterns of seniors, particularly the disproportionate amount they spend on healthcare expenses." To cover the cost of providing a more accurate COLA and to increase the solvency of the trust funds, Democrats voted to support policies that would apply the payroll tax cap to income above 0,000 so that wealthier individuals pay the same Social Security tax rate as everyone else..According to Bloomberg Government, members of the House Appropriations Committee are still negotiating the spending limits for each subcommittee, and they are far from a deal. House Minority Whip Steny Hoyer told reporters this week that he's doubtful Congress will finish the omnibus before the looming deadline..This discrepancy between COLAs and real costs is squeezing senior households. Retirees are forced to draw down savings faster than planned, and work far longer than anyone ever imagined. In addition, the percentage of households with credit card debt headed by someone age 75 or older has doubled from 11 percent in 1998 to 22 percent in 2010 according to recent data from the Employee Benefit Research Institute. The sad fact is that people 65 and older are the fastest-growing segment of the U.S. population filing for bankruptcy. Seniors are getting deep into debt because of high medical bills, long-term care costs, and dwindling retirement savings..The Senior Citizens League believes Congress must address the loss of buying power by adopting the Consumer Price Index for Elderly Consumers Act. If signed into law, H.R. 1251 would base the COLA on the more fair and adequate CPI-E. Currently, COLAs are based on the Consumer Price Index for Urban Wage Earners, and they fail to keep pace with the inflation experienced by older Americans since goods like gasoline and electronics are weighted more heavily than health care and housing costs..In addition, one new cosponsor Rep. William Lacy Clay signed on to the Social Security Fairness Act this week, bringing the total up to 167..Use call block technology. If you have a smart phone, you can block calls from unknown numbers. Some land line phones also have similar technology..If she delays until age 70, she'll receive ,226 more because of the Social Security delayed retirement credit. Her starting benefit will be ,980, she will receive 0,891 over her retirement, and her final monthly benefit would be ,417..Legislation that would boost Social Security benefits and restore Social Security's solvency has been under debate this fall in the U.S. House. The Social Security 2100 Act, introduced by Representative John Larson in the House, and introduced by Senator Richard Blumenthal, have strong grass roots support from older Americans. While the House bill is advancing - we are steeling for a tough challenge in the Senate.
