What is COLA and How Does it Affect Retirees?
What is COLA
The COLA or Cost of Living Adjustment is an important part of understanding Social Security Benefits. Social Security is intended to take care of those who have earned their retirement. Those who have paid in deserve to live comfortably after spending so much of their lives working for others. The problem is that inflation may mean that what retirees get out of the program is not enough. For this reason, the Social Security Administration includes an annual adjustment to offset inflation. Unfortunately, this adjustment often falls short.
How Low COLAs Impact Seniors
A cost of living increase, by definition, should provide seniors with sufficient income to live on. However, the typical adjustment does not hit this mark. An unacceptable number of seniors face challenges paying their bills each month. It should not be that way for people who already did their part. These are people who paid their dues and already earned more than they are receiving in retirement. Basic needs like food and heat get more expensive every year. Internet and phone services seniors rely on to stay connected consistently increase in price. And healthcare costs remain a challenge for many older Americans. Unfortunately, Social Security benefits fail to keep up with these costs.
How The Greatest Generation Benefits Act Will Change Things.
The bill we call The Greatest Generation Benefits Act will help those over age 82. This is the generation that fought in World War 2 and Korea. This generation worked hard and sacrificed for our country. It’s time that our country does more for them. If passed, this legislation will increase Social Security benefits by $85 per month with an automatic 4 percent increase every year after that. These numbers may sound small, but they can make a big difference. This simple change would provide financial security to millions of Americans. This is about giving back to those who gave the most. If you believe that our seniors deserve more, let Congress know by signing our petition.
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