Early predictions are that next year’s Social Security cost-of-living adjustment (COLA) could be 4.7 percent. That might seem like a good thing compared to this year’s modest 2.8 percent COLA. But an article by The Motley Fool explains that a bigger COLA could mean bigger financial strain for seniors.
It points out that “large Social Security COLAs come at the cost of rising prices.” That’s because the COLA is based on inflation data collected during July, August, and September. If the 4.7 percent COLA prediction becomes a reality, prices stayed high throughout the summer. That’s bad news for seniors already struggling with the high cost of gas and food and other expenses.
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.