COLA helps, but older Americans need more than an adjustment

For hundreds of thousands of Iowans, the annual Social Security cost-of-living adjustment (COLA) is more than a number. It’s help at the grocery store. It’s help keeping the lights on. It’s help with the costs for everyday essentials that can stretch household budgets to a breaking point.

The recently announced 3.6% adjustment is vitally important and will help older Americans make ends meet. AARP fought for the creation of the automatic COLA in 1972 because older Americans needed protection from rising prices. Before then, changes to Social Security payments depended on an act of Congress, which left too many people vulnerable to inflation.

Social Security is central to the retirement security of older Americans, including over 560,000 Iowans. They paid into it with every paycheck. They earned it through decades of hard work. This money belongs to them, and they depend on it.

Recent AARP surveys make clear how much is at stake. Half of Social Security recipients say it is their main source of income, and nearly three-quarters of adults age 50-plus say that a 5-8% COLA increase would be needed to help them meet their everyday living expenses. That means even with an adjustment, too many older Americans still feel like they’re falling behind.

Yet proposals in Washington continue to surface that would reduce or cut the COLA. These proposals are out of touch with the reality facing older Iowans. Older Americans across the political spectrum expect Congress to protect this vital cost-of-living protection. In AARP's recent poll of competitive Congressional districts, including Districts 1, 2 and 3 here in Iowa, 85% of voters over 50 said they would be more likely to vote for candidates who would protect Social Security from cuts, including reducing the annual cost-of-living adjustment.

This year’s COLA matters. Every additional dollar counts when families are paying more for groceries, health care, and other necessities. Protecting Americans from rising prices also means protecting the Social Security payments they have earned. Congress must act to ensure Social Security is there for today’s retirees and for the generations still paying into it with every paycheck, without cutting the money they have earned.

The message from Iowans should be clear: Keep the promise. Protect and strengthen Social Security for the Americans who earned it.

Michael Wagler is AARP Iowa’s State Director. AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age.