Eliminating COLA would hurt retirees
As a federal retiree who has served our country for years, I am deeply concerned with a provision in the president’s budget which would eliminate cost-of-living adjustments (COLAs) for current and future federal retirees. I ask that my representative and senators oppose any proposals that would reduce COLAs for federal retirees.
The annual COLA provides protections against inflation, but even the current calculation is inadequate because it understates the impact of health care spending, yielding lower annual COLAs. Reducing or eliminating my COLA further threatens my health and financial security.
This proposal would diminish the value of my hard-earned annuity by allowing inflation to erode the benefit over the course of my retirement. With the cost of goods and medical care on the rise, I will not sit back and allow this attack to gain a foothold.
I worked for the federal government for over 37 years and I am very concerned about the proposals to cut or do away totally with the colas for those that retired under the Civil Service Retirement System. In 2017 my net monthly income went down $182.80, health insurance went up and my Medicare Part B was increased because I do not draw Social Security. Those of us who retired under CSRS and do not draw Social Security saw an increase in Part B to pay for all of those who did have Social Security and by law they could not increase their Part B which would have caused their SS to decrease. May Congress should think twice about dipping their sticky hands in the Social Security — writing an IOU which is never paid back. Nice little piggy bank they have. They have used CSRS Retirement to fund the government when they can’t seem to get a budget together because they have forgotten that they are there to serve the people.
But by law they have to replace any money that they take out of the CSRS Retirement Fund. There should be such a law for SS then there would be no talk of it running out of funds.
Norma M. Pfalzgraf