In an election cycle, attention focuses on the Social Security program and its future. Financial analysts warn changes must be coming as the trust fund gets depleted. The Old Age and Survivors Insurance (OASI) trust fund covers about 77 percent of the benefits paid to recipients. Experts predict the fund could be depleted by 2033.
Should that happen, what would it mean to beneficiaries? For the average couple, it translates to a $17,400 annual cut in benefits.
Each year, recipients receive the cost-of-living adjustment (COLA) to help compensate for the effect of inflation. Current projections anticipate a 3 percent hike for 2024 but continued inflation might drive it higher. As of July 2023, the Social Security Administration said the average monthly benefit is $1,838.58, but that figure can fluctuate as more people enter the program.
Council of Seniors Works for a Stronger Social Security Program
More retirement income is always welcomed by seniors. That’s why Council of Seniors is committed to getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) isn’t helping seniors get ahead, you need action on this bill now. If it passes, the amount of $581 will be reimbursed to deserving seniors.
The best way to help is to sign our petition right away. Your support in returning this money to seniors will be deeply appreciated.
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