The price of gas has been climbing. It’s up about 20 percent in recent months. According to a Newsweek article, this could make a “substantial difference” in Social Security payments.
That’s because gas prices are a major driver of inflation, and inflation determines the annual Social Security cost-of-living adjustment (COLA). Analysts believe next year’s COLA could be over 3 percent.
The article points out that while Social Security benefit checks might be higher next year because of rising gas prices, a bigger COLA is not necessarily good news. It “often reflects rising living costs, not increased financial security.”
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.