Retirement Security

October 15, 2015

Statement by Retiree Leader Richard Fiesta on the 0% COLA Increase for Social Security Beneficiaries

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding the government’s announcement that there will be no benefit increase for millions of Social Security beneficiaries, disabled veterans and federal retirees in 2016:

“The Alliance for Retired Americans is deeply disappointed by the announcement today that there will be no benefit increase for millions of Social Security beneficiaries in 2016.

“The announcement is particularly troubling because it triggers a premium spike and a major increase in deductibles for Medicare beneficiaries. If Congress does not act soon, the Medicare Part B premium could increase by 52%, to $159 per month, for 30 percent of people with Medicare. Deductibles could increase to $223 for every person with Medicare.

“The Alliance for Retired Americans has already begun taking action to deal with the issue for Medicare beneficiaries. A petition urging Congress to address the matter has gathered more than 100,000 signatures. Alliance members are also contacting their Members of Congress directly and asking them to support the Medicare Premium Fairness Act of 2015 (S. 2148 and H.R. 3696) recently introduced by Sen. Ron Wyden (OR) and Rep. Dina Titus (NV). This bill will prevent next year’s massive spike in out-of-pocket Medicare expenses for seniors and people with disabilities.”