The Social Security Administration allows for an annual cost-of-living adjustment (COLA). That concept seems pretty simple, yet a recent report by The Motley Fool reveals that millions of people don’t understand how this works.
One study found that nearly one in five retirees believed that “Social Security retirement benefits do not adjust with inflation,” as did one in three adults nearing retirement age. The truth is that the Social Security COLA helps ensure benefits keep pace with inflation.
Next year’s COLA will be 2.8 percent. Social Security retirement beneficiaries will receive an additional $56 per month on average, which adds up to an additional $2,000 for the year.
Council of Seniors Wants to Give Retirees More Money
Sadly, millions of retirees relying on Social Security struggle throughout what is supposed to be their golden years. In a large part due to inadequate cost-of-living adjustments (COLAs).
All of us here at the Council of Seniors are working hard to get Congress to passThe SAVE Benefits Act. This crucial bill will put $581 back in seniors’ pockets to make up for the COLA that was far too low for years. Greedy Washington politicians want to use seniors’ hard-earned money in other ways, but we’re dedicated to giving it back to those who are rightfully entitled to it.
Please take a moment and sign our petition today to show your support.