WASHINGTON - Today the Social Security Administration (SSA) announced the 2008 Social Security cost-of-living adjustment (COLA) for beneficiaries. The COLA is based on the Consumer Price Index published by the Bureau of Labor Statistics. The adjustment will first apply to Social Security and Supplemental Security Income checks paid in January 2008.
Ways and Means Chairman Charles B. Rangel (D-NY) noted, "Every year, Social Security provides beneficiaries with a COLA to help them keep up with the rising cost of living in America. With the COLA, Social Security provides peace of mind and economic security unmatched by virtually any other pension or retirement plan. Today’s COLA announcement is yet another reminder of the important role Social Security plays in the lives of millions of Americans and further proof why the American people will continue to resist efforts to privatize the system and erode the guaranteed nature of these retirement and disability benefits."
For additional details on the COLA and other automatic annual program adjustments, go to www.ssa.gov.
