Are Social Security Benefits Shrinking?

Social Security Benefits decrease
Via Pixabay

Millions of Americans rely on Social Security benefits. In fact, for many recipients, these resources provide their only lifeline. Unfortunately, these benefits often fall below what people need to survive and thrive. As the economy consistently goes through changes, some question whether Social Security will shrink even more.

Will Social Security Benefits Decrease Next Year?

Concern about a decrease in benefits is very real. However, it is a bit more complicated than it sounds. Although Social Security goes through changes every year, the total amount never decreases across the board. In some cases, an individual may see lowered benefits due to specific issues. This includes things like the recipient owing back taxes or having an increase in income. While the amount of overall benefits does not decrease, recipients could find that what they receive doesn’t hold as much value as it once did. This is because while Social Security typically goes up annually, the total amount often does not keep up with inflation. The changes for 2021, for example, are not going to provide a boost to those who need it.

Social Security Changes this Year

The Cost of Living Adjustment for 2021 is only 1.3% which is barely noticeable and makes little difference in the lives of many Americans. The federal COLA often falls short when it comes to providing recipients enough to live. Such a low amount is especially troubling as so many are struggling with the lasting effects of a global pandemic. The road ahead could certainly be tough, but there is some hope for positive change in the future.

Is There a Benefits Increase Coming?

The only approved increase to social security is the 1.3 percent COLA. However, a bill still requiring congressional approval could create a significant increase for many Americans. The bill we call “The Greatest Generation Benefits Act” would help those over the age of 82 to get the benefits they deserve. This legislation would give these seniors an additional $85 a month plus another 4 percent increase each year after. This would be a real change for our seniors who already did their part living through World War II and Korea.

We believe that they both need and deserve this. That is why we urge Congress to take action. If you support us in this mission, please take a moment to sign our petition. For the latest news and updates, keep in touch with The Greatest Generation, and be sure to follow us on social media. Like us on Facebook and follow us on Twitter.