A boost to COLA (Cost-of-Living Adjustment) is always a good thing. These adjustments should be able to make life a little easier for Social Security recipients. Unfortunately, the increase is typically not enough for those struggling to survive on low benefits as costs climb higher. Right now, experts expect a significant COLA increase in 2023. While a large COLA makes sense after a year of near-record inflation, the increase still will not be enough to meet the needs of seniors.
What is the COLA for 2023?
Although the COLA has not been announced yet for 2023, there are suggestions that we could see a significant increase. According to estimates from The Senior Citizens League, older Americans could see the biggest boost since 1981. This would be in direct response to continuing inflation. Read more about the predicted COLA increase here.
Why the 2023 COLA Won’t be Enough
First, this change would not go into effect until next year. Seniors are struggling now. By the time a Social Security boost hits, recipients will already be far behind. Furthermore, COLA has consistently failed seniors by not addressing actual costs to older Americans. Even a large increase cannot overcome rising Medicare premiums, medication costs, and inflation if it does not take into account seniors’ real cost of living.
The Social Security Change Seniors Need
The problem is that many of our most vulnerable Americans are left without the benefits they rely on to afford their basic needs. To make matters worse, these “benefits” are actually retirement funds that seniors EARNED. We cannot continue to allow a system to deprive people of the financial security that they paid for in advance over decades working and contributing to society. Retired Americans deserve more. They need more. Most importantly, they earned more. While a COLA increase sound good, we believe The Greatest Generation Benefits Act is the best option for older Americans. Learn more about this proposed legislation and sign our petition here.