US Rep. Timothy V. Johnson today hailed the long-overdue increased payments to Social Security and Supplemental Security Income (SSI) beneficiaries in the coming year.
Effective January 2012, Social Security beneficiaries will see a 3.6% cost-of-living-adjustment increase. The purpose of the cost of living adjustment (COLA) is to compensate for economic inflation, however seniors have not received a COLA since 2009. With this announcement, more than 60 million seniors will see their benefits increase in 2012.
"We must ensure we protect our current seniors with the benefits they have earned," Rep. Johnson said. "They have paid into the system their entire lives and most of them depend on their monthly payments to live. This will lessen the economic burden on the lives of millions of seniors across Illinois and America."
In related action, Rep. Johnson is also cosponsoring H.R. 1086, the Consumer Price Index for Seniors Act, which if passed will mandate a monthly formulation of a consumer price index specifically for senior citizens for the purpose of establishing an accurate COLA. Establishing this formula will create an accurate COLA-based on the unique financial needs of seniors today.