Linda Sánchez Applauds COLA Increase, Calls for Legislation to Extend Lifeline of Social Security Trust Fund
Washington, DC - Congresswoman Linda Sánchez (CA-38) issued the following statement today after the Social Security Administration announced its Cost-Of-Living-Adjustment (COLA) will increase benefits paid to recipients by 1.7% in 2015.
“Social Security benefits are a lifeline for more than 58 million Americans. As the cost of food, gas, and housing increases, we have to make sure that Social Security benefits continue to meet Americans’ most basic needs,” said Congresswoman Sánchez. “Those who have worked hard their entire life deserve to retire with financial security. That is why I introduced the Strengthen Social Security Act- legislation that would to improve the standard of living for current and future beneficiaries.”
The Strengthening Social Security Act of 2013 would change the benefit calculation formula used by the Social Security Administration to increase benefits for beneficiaries by approximately $70 per month. It also makes changes to the Cost of Living Adjustments (COLA) formula to better reflect the increasing costs seniors face today. Combined, these changes are estimated to preserve the Social Security Trust Fund through 2049 and reduce the 75 year actuarial deficit by approximately 50%.
“We need to ensure Social Security works for the millions of Americans who contributed to the program through a lifetime of hard work. I urge my colleagues to support the Strengthen Social Security Act so that we can keep our promise to seniors and allow them to retire with dignity.”