The Social Security Administration (SSA) today announced that Social Security beneficiaries will soon see their first Cost-Of-Living Adjustment (COLA) increase in two years. The 3.6% increase will go into effect in January of 2012 to help meet increasing consumer prices. Congresswoman Linda Sánchez, who has worked tirelessly to save Social Security, issued the following statement:
"I am pleased that our seniors will soon be getting some much needed relief after two long years. In the 39th District, there are nearly 50,000 Social Security beneficiaries who are 65 years-old or older. It has been difficult for them to make ends meet these past two years because costs for medical care, food, and housing have all risen. Social Security has always kept its promise in taking care of our seniors in retirement, and I applaud the Social Security Administration for taking this crucial action."
Social Security beneficiaries will receive a notice from SSA in mid-November regarding the COLA increase and their new benefit amounts for 2012. Nationwide, 55 million Americans rely on Social Security benefits, including 42.5 million senior citizens. Additionally, 4.8 million Californians depend on Social Security benefits. Social Security lifts 13 million elderly Americans out of poverty.
Congresswoman Sánchez has been a leader in Congress in fighting to strengthen Social Security. Earlier this year, Congresswoman Sánchez joined her Democratic colleagues in writing to Speaker John Boehner opposing nearly $1.7 billion in cuts to SSA's operating budget. Last Congress, Congresswoman Sánchez introduced a resolution opposing Republican plans to privatize Social Security.