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June 25, 2010 at 08:00 PM
The Senior Citizens League says that a proposed 1% cut in the cost-of-living adjustment for Social Security would cost seniors over $50,000 throughout a 25-year retirement.
The SCL, Washington, a seniors’ advocacy group, says its researchers analyzed the amount of money seniors would lose in Social Security payments over a 10-, 20-, and 25-year retirement period under three scenarios. Compiled by the Senate’s Special Committee on Aging, the scenarios involved a 1% cut, a 0.5% cut, and a “chained” COLA producing a cut of roughly 0.30%.
Over 25 years, the 1% cut would “cost” seniors $54,954, the researchers say. The half-percent cut would result in a $28,555 loss, and the chained cut, a $17,402 loss.
The losses were smaller for the shorter durations. For instance, a 1% cut over 10 years would cost seniors $8,085, according to the study.
