Lowey Pushes Financial Security for Senior Citizens

WHITE PLAINS – Congresswoman Nita Lowey (D-Westchester/Rockland) today joined local elected officials and senior citizens to call for Social Security benefits to reflect more accurately the prices paid by senior citizens, especially on health care.

“Slow but steady increases in Social Security benefits unfortunately won't win the race for seniors trying to make ends meet,” said Lowey. “Older Americans living on fixed incomes face large increases in their costs of living from year to year, and the federal government must do more to ensure that seniors are not left behind.”

According to a recent report by The Senior Citizens League, since 2000, the Social Security cost of living adjustment (COLA) has increased average benefits by just 22 percent while typical senior expenses have risen by 71 percent.

Last week, the Social Security Administration (SSA) announced that seniors will receive an additional 2.3 percent in their monthly checks beginning in January, the smallest increase in four years. The average senior’s benefit will increase from $1,055 per month to $1,079 per month—a total of only $24. This will not help millions of seniors faced with increased health, energy, transportation and food costs.

In Congress, Lowey is advocating for passage of the Consumer Price Index for Elderly Consumers Act, which would base COLAs on a more realistic assessment of how much elderly Americans need to get by each month, taking into account the rising cost of health care and its unique impact on seniors. Currently, the COLA calculation is based on the spending habits of younger workers, rather than those of elderly consumers.

“This bill will help to reduce the financial pinch many seniors are currently experiencing,” said Lowey. “Basing benefit increases on realistic spending assumptions is common sense and the least that we can do for our seniors.”