Inflation can hurt anyone living on a fixed income, especially retirees relying on Social Security. Fortunately, there is a Social Security cost-of-living adjustment, or COLA, created to help benefit payments keep up with inflation.
According to an article by USA Today, the COLA is supposed to boost benefit payments so recipients’ buying power doesn’t fall behind when the price of things like food, rent and gas increases. The government looks at inflation data to determine how much prices have risen and then raises Social Security benefits by a matching percentage for the next year.
This year’s COLA was 2.8 percent. Predictions are that next year’s will be higher, but we won’t know until October. Any increase will take effect in January.
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 payment to every retired worker receiving Social Security benefits to help offset years of inadequate cost-of-living adjustments (COLAs).
Please take a moment and sign our petition today to show your support.