We are about two months away from learning what next year’s Social Security cost-of-living adjustment (COLA) will be. Experts predict it should be around 3.5 percent, but that number continues to change as inflation figures are released.
According to an article by AS, the Social Security COLA was introduced in 1975, as part of a 1972 amendment to Congress’s Social Security Act, to ensure that benefits issued by the Social Security Administration keep pace with the rate of inflation. That was vital because that period of time was seeing high inflation.
The largest COLA in history was 14.3 percent in 1980. The following year, 1981, saw a 11.2 percent COLA, while the previous year, 1979, saw a 9.9 percent COLA. On the other end of the spectrum, there have been three years in which there was no COLA at all; 2009, 2010, and 2015 all had a 0.0% COLA.
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 one-time payment to every retired worker receiving Social Security benefits, to help offset years of inadequate cost-of-living adjustments.
According to Council of Seniors’ Executive Director Barbara Godwin, “For years, seniors have watched their Social Security checks fail to stretch as far as they should, while the cost of everyday essentials keeps climbing. This legislation is a straightforward, targeted way to help make up for COLAs that didn’t reflect what retired Americans were actually paying to get by.”
Please take a moment and sign our petition today to show your support.