OPINION: Even with the big cost-of-living adjustment for Social Security, seniors are still falling behind. The rising cost of healthcare is one reason.
The 65 million Americans who receive Social Security are getting a raise. The government announced Wednesday that they are getting a 5.9% cost of living adjustment , the biggest increase in four decades. Beginning in January, the average retiree will get $1,646 per month, an increase of $91. Last year’s COLA was 1.3%.
What’s the problem with this? CPI-W places greater weight on things that seniors tend to buy less—like electronics and gasoline —but less weight on things seniors do spend big on, like healthcare. The rising cost of prescription drugs, and healthcare in general, is just one example of why a more accurate inflation gauge is needed for Social Security. Last year, the COLA was 1.3%, but premiums for Medicare Part B rose twice as fast: 2.7%. Since 2000, in fact, Medicare Part B premiums have soared 226%—more than tripling since 2000, says the nonpartisan Congressional Research Service. But Social Security has only gone up about 45% over that same period.
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