Crawford: Seniors to get COLA Increase

WASHINGTON – Tomorrow the Social Security Administration will announce that seniors will see the first cost of living adjustment to their benefits since 2009. Seniors will see a 3.5 percent increase to benefits starting in 2012.

“Arkansas Seniors who have worked hard their entire lives deserve the Social Security benefits they were promised,” said Congressman Rick Crawford. “Seniors have not seen an adjustment for inflation to their Social Security benefits since 2009 even though basic necessities have been on the rise. Our Greatest Generation should not be forced to choose between medicine and groceries, this cost of living adjustment will give seniors some help with rising costs.”

Cost of Living Adjustments are not determined by Congress, but by a formula based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W index). The CPI-W index takes into account average amounts consumers pay for goods and services.