COLA Helps, But Older Americans Need More Than an Adjustment

For 123,083 of Alaskans, the annual Social Security cost-of-living adjustment (COLA) is more than a number – especially with Alaskans of all ages struggling to keep up with rising costs for everyday essentials. The COLA means a little extra help at the grocery store. It keeps the lights on. It allows Alaskans to make ends meet as increasing prices stretch household budgets to a breaking point.

The 3.6% adjustment announced this week is vitally important. AARP has been fighting for the automatic COLA since its inception in 1972 to protect older Americans from rising prices.

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Let’s be clear: the Social Security COLA helps, but it never seems enough to keep up with ever-rising costs, especially this year.

Across Alaska, our neighbors are telling us what they see every day. Prices remain high, especially in rural Alaska. A gallon of milk costs more than it used to. Utility bills take a bigger share of the monthly budget. And health care and prescription drug costs continue to strain family budgets. For Alaskans living on a fixed income, even a modest increase in costs can force difficult choices.

When I think of Social Security’s impact in Alaska, I think of stories like Randall’s. Randall is a retiree and Social Security recipient living in Anchorage. He shared that Social Security represents 40% of his retirement income. “It provides me, and all persons on Social Security, with funds that allow me to act independently as a senior and a retired American. Where would retired Americans be without this program?”

Social Security is central to the retirement security of older Americans, including more than a hundred thousand Alaskans. Social Security recipients aren’t getting a handout. They paid into it with every paycheck. They earned it through decades of hard work. This money belongs to them.

A recent AARP survey makes clear how much is at stake. Half of Social Security recipients say it is their main source of income, and most Americans 50-plus say a 3.5% COLA in 2027 would not keep up with inflation.

Yet special interests in Washington, DC continue to push ideas that would reduce or cut the COLA. These proposals are out of touch with the reality facing older Americans in communities across our state.

This year's COLA is more important than ever. Every additional dollar counts when families are struggling to afford groceries, health care, and other necessities. Protecting Americans from rising prices also means protecting the Social Security payments they have earned. That's why AARP will never stop fighting to protect and strengthen Social Security, including protecting the COLA. 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 Alaskans to elected officials should be clear: Keep the promise. Protect and strengthen Social Security for the Americans who earned it.