Will the COLA for 2022 be Enough for Seniors?
It is getting to be that time of year where the annual Cost Of Living Adjustment will be announced soon. Will the COLA for 2022 be enough for recipients who rely on these funds?
What is COLA and Why is it Important?
The Cost of Living Adjustment (COLA) is intended to allow Social Security recipients to receive benefits that are adjusted for inflation. Every year, costs increase for all Americans, and as prices go up, income needs to match it. Every year in October, the COLA for the following year is announced. This figure is based on projected inflation and determines the increased amount recipients will receive.
Low COLA and How it Affects Seniors.
Unfortunately, annual increases fall short leaving seniors behind. Many older Americans struggle to afford their daily living expenses. What makes it even worse is that not only are they not receiving enough, but they are not receiving what they earned. Americans spend their lives paying in and do not see what they should in retirement. Something needs to change soon.
How much Is the COLA for 2022?
The 2022 COLA has not yet been announced. It is, however, anticipated to be the highest it’s been in years. Out-of-control inflation is expected to force a significantly higher COLA in 2022. This is necessary because the pandemic and economic challenges Americans face are driving prices too high for seniors to afford. The problem is that the COLA is still not enough, especially as medicare premiums increase in the coming year. Benefits may increase significantly in 2022, but seniors need a more substantial long-term change.
Social Security Reform and How it Can Change Seniors’ Lives.
Clearly, Social Security reform needs to happen. Older Americans are not receiving enough to live on and inflation is pushing the system to a breaking point. The question is what kind of change will provide the most benefit. We strongly support a bill we call The Greatest Generation Benefits Act. This legislation would dramatically increase benefits for Americans over age 82. These Americans gave so much during WW2 and Korea, and they deserve better in retirement. Learn more and sign our petition here.
For the latest updates on this legislation, follow The Greatest Generation on Facebook and Twitter.