Richard Fiesta, Executive Director of the Alliance for Retired Americans, said the announced 3.6% cost-of-living increase for Social Security beneficiaries next year does not go far enough. The average retired worker will receive about $74 more per month, Fiesta stated, but a projected Medicare Part B premium increase to $209.50 a month in January will offset much of that gain.
Fiesta called for strengthening and expanding Social Security as a national priority. He said the program's solvency could be secured if "billionaires and the wealthiest 1 percent pay their fair share," which he argued would allow for higher benefits, a COLA that better reflects costs for older Americans, and long-term program stability.
Fiesta urged older Americans to vote for congressional candidates who will prioritize Social Security. He said the election, occurring in three weeks, will determine the future of the program.