Higher Costs Lead To 1.7% Raise
Rep. Joseph Crowley expressed support for the Social Security Administration’s announcement that it will provide a 1.7 percent cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) recipients in 2013.
“This is great news for the millions of seniors who depend on Social Security in New York and across the country,” said Crowley in a statement. “I’ve met with seniors throughout Queens and the Bronx, and I know just how important it is for Social Security to keep pace with the rising costs of everyday expenses. Right now, there’s no doubt most seniors are seeing increases in their rent, food, gas and medical care, and an uptick in their Social Security will bring some much-needed relief.”
Signed into law by President Franklin D. Roosevelt in 1935, Social Security was created at a time when the American economy had crumbled and was struggling to recover. Pensions were almost non-existent and a majority of seniors were unable to support themselves after retirement, Crowley noted.
Today, more than 50 million Americans, including 3.2 million in New York, rely on Social Security’s guaranteed benefits for retirement security or to make ends meet, put food on the table and stay in their homes, the congressman added.
For more information on the 2013 COLA, visit www.socialsecurity.gov/ COLA.