Social Security beneficiaries and dedicated IAM members have joined retirement security allies expressing profound disappointment at the meager 3.2 percent Cost-of-Living Adjustment (COLA) increase slated for 2024. This announcement falls far short of the expectations of millions of retirees.
This underwhelming 3.2 percent COLA increase for IAM members is a stark reminder of the protracted battle for retirement security. Social Security, long considered a lifeline for seniors, remains a point of contention for our IAM members, who expected much more from the system they diligently contributed to throughout their working lives.
“This paltry increase is a disappointing step in a direction that doesn’t nearly go far enough,” said IAM International President Robert Martinez Jr. “Our hardworking IAM members have invested their blood, sweat, and tears into this system, and it’s disheartening to see them receive anything less than the support they’ve earned. The IAM’s legacy of fighting for dignified retirement benefits spans generations, yet the gains made remain insufficient.”
The lack of substantial improvement in retirement benefits has left IAM members committed to the retirement security fight. Union retirees who have played pivotal roles in previous Social Security benefit increases, and Medicare implementations find it disheartening that their relentless dedication has yet to secure the COLA they deserve.
Medicare hasn’t announced the increase for traditional Medicare, but said the cost of Medicare Advantage plans is expected to remain stable according to the Associated Press.
“Our retirees have been at the forefront of this battle for years, and this meager COLA increase is a stark reminder of why the labor movement must continue to highlight this issue for our members,” said IAM Retirees and Membership Assistance Director James “Stretch” Little. “While this increase may provide some financial relief, it is clear that the well-being of retirees remains at risk. The IAM will continue to advocate for comprehensive measures for Social Security, a program that countless Americans depend on.”
To view the underwhelming COLA notice online through your “My Social Security” account, you can visit www.socialsecurity.gov/myaccount
The IAM remains unwavering in its commitment to pursuing the future of Social Security, demanding that it be a dependable and robust support system for the retirees who have contributed their all.