COLA Provides a Boost, But More Help Needed

While the recent announcement of a 2.8% cost-of-living (COLA) adjustment for Social Security is great news for all Wisconsinites on the program, we know that more can be done to help our state’s residents age with dignity, purpose, and financial security during these difficult economic times.

That’s why we at AARP will never stop fighting to protect and strengthen Social Security, now and for the generations to come. We know what Social Security means to you – and why it matters more than ever.

Nearly one in five Wisconsinites – more than 1.33 million people – receive Social Security, and these payments inject 28.2 billion into our state’s economy every year. How important is the program to these folks? Without Social Security, 36.6 percent of Wisconsinites age 65-plus would be living in poverty. With the program, 6.1 percent live in poverty.

Across the nation, more than 70 million Americans receive their earned Social Security, and for 40 percent of older Americans, Social Security is their primary source of income. In Wisconsin, the average Social Security beneficiary receives just over $23,000 a year.

The 2.8 percent Social Security COLA, which amounts to a $56 per-month increase, plays a crucial role in supporting older Wisconsinites, helping ensure retirement income keeps pace with inflation. AARP has fought for Social Security for decades – including to protect the COLA from those who wanted to make cuts.

Over the past year, many older Wisconsinites have been financially squeezed, and Social Security is an important key to their financial health. It isn’t just a source of income – it’s a lifeline of independence and dignity. Yet even with the COLA, 77% of older adults still face challenges covering basic expenses.

Today, with Congress facing a deadline of 2034 to ensure Social Security can continue making its payments in full, we are committed to working on a bipartisan basis to ensure Social Security can deliver on its promise of financial security for the years to come.

Americans have earned their Social Security over years of hard work, and AARP will fight to ensure people everywhere can keep what they’ve earned.