As Inflation Continues to Grow, Are Social Security Benefits Shrinking?
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 continues to go through changes, some Americans question whether Social Security will shrink causing even more difficulty for retirees.
Are Social Security Benefits Decreasing?
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.
Social Security Changes this Year
The Cost of Living Adjustment (COLA) for 2022 was 5.9%. This was the largest increase in decades but still fails to contend with the inflation rate. America is in a difficult economic place right now, and those who rely on Social Security do not receive enough to navigate it. The road ahead could certainly be tough, but there is some hope for positive change in the future.
Is There a Social Security Benefits Increase On the Way?
The only approved increase to social security is the 5.9 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.
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.