401kSpecialistMag.com reports that the Social Security Cost of Living Adjustment (COLA) for 2021 has left seniors disappointed, discouraged, and unhappy, according to a recent survey.
The 2021 COLA was only 1.3%, and over half of the retirees who were surveyed indicated that the benefit only boosted their Social Security benefit by about $15, which is clearly not enough to make much of a difference at all.
That’s why here at Council of Seniors, we’re committed to getting The SAVE Benefits Act passed so that retirees can finally receive the COLA that they’ve been denied over the years. The amount retirees are owed totals up to at least $581, and it’s time for greedy politicians to stop withholding this money. It just isn’t right.
Expenses for Seniors Are on the Rise
In the same survey, 65% of participants reported that in 2020, they saw their monthly expenses rise by as much as $80 to $120, which really adds up in the grand scheme of things. When you factor in that the average monthly income for seniors in 2020 was $1544.15, an extra $80 to $120 has an even bigger impact.
The annual COLA is something seniors are entitled to. With each year that passes, it’s even more unacceptable that seniors haven’t received the $581 they deserve to make up for low COLAs.
If you could take a moment and sign our petition, we can apply greater pressure on Congress to pass The SAVE Benefits Act. You (and all retirees) are entitled to the funds that are rightfully yours, and we need to show Congress how many people are behind this bill and want to support it.