The Social Security Administration (SSA) provides for an annual cost-of-living adjustment (COLA) to help offset inflation. This year’s COLA was 2.8 percent. It gave recipients an extra $56 per month on average.
According to The Motley Fool, expenses are increasing at a much faster rate. The article notes, “(Inflation) eats up a chunk of a typical retiree’s COLA before it even hits their bank account.”
As of this past spring, the price of gas is up 28.4 percent, electricity is up 6.1 percent, housing is up 3.3 percent, and food is up 3.2 percent. These numbers clearly show that living expenses outpace retiree income. Something needs to be done to create a more fair COLA.
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.