Seniors Need a Social Security Increase in 2022. Current Benefits Will Not be Enough.
Seniors who rely on Social Security benefits receive too little to live on. While inflation drives costs higher, benefits fail to keep up. Retirees will need a significant Social Security Increase in 2022 to get by. There are many factors to consider when it comes to retirement and how much seniors need to live. Regular inflation, rising medication costs, and unprecedented times during the pandemic all affect older Americans’ wallets.
Low Beneffits are Nothing New
Unfortunately, Social Security benefits have been far too low for far too long. Retirees without other retirement or savings plans in place often struggle to keep up with regular bills. Americans spend a lifetime working and paying into Social Security only to not get what they earned in retirement. To make matters worse, annual increases have historically failed to keep up with inflation.
How Inflation Threatens Seniors
Inflation is also nothing new. However, price increases on many necessary goods and services are moving at an incredible rate. Inflation for 2022 is expected to be the highest it has been in years. A jump in inflation requires a benefits increase that is enough to combat it. There is speculation that the COLA for 2022 will be much higher than it has been in years. However, COLA has continued to fail seniors and should not be relied on as an answer to inflation.
Will There be a Social Security Increas in 2022?
While it is likely that the COLA will be higher for recipients in 2022, it likely won’t be enough for our oldest living Americans, the greatest generation. If the Congressional Bill known as The Greatest Generation Benefits Act passes, the Americans who gave so much during World War 2 and the Korean War would see real change. This legislation would give seniors over age 82 an additional $85 a month as well as a 4 percent increase every year after. This is much more than the less than 2 percent increase COLA offered in 2021. This change would give these older Americans the benefits they earned and enough to live on. Help make this change a reality by signing our petition.
