Some retirees are reportedly grousing because they don’t think the 1.6% increase they will get on their Social Security checks in 2020 is enough.
They say the cost-of-living adjustment, which is supposed to keep seniors on par with inflation, does not accurately reflect their rising costs, especially for health care.
Several Democratic candidates for president are listening, and they say they will push for a more generous COLA formula.
Even if the critics of the current COLA have a point, they are missing the bigger one: Social Security can’t afford the benefits it currently provides, much less add new ones.
Due to the imbalance between the number of workers paying in and the number of retirees drawing out, Social Security is projected to be insolvent in just 16 years, when there will be only enough money coming in to pay 75 percent of scheduled benefits.
Anyone at or near retirement age — and the presidential candidates — should be a whole lot more worried about that than the COLA.
Tim Kalich, Greenwood Commonwealth