Social Security is facing a funding deficit. One new proposal to shore up solvency is to limit annual Social Security Cost-of-Living Adjustment (COLA) increases for those claiming the largest Social Security benefits.
According to Newsweek, the idea for a COLA cap was introduced by the Committee for a Responsible Federal Budget. The proposal calls for all recipients to receive a COLA, but “retirees with very high benefits—typically those who had the highest lifetime earnings—would see their annual increase limited to a set dollar amount.”
It’s believed that capping the COLA on those receiving maximum benefits could extend Social Security solvency by decades.
Give Retirees the Money They Earned
Here are the Council of Seniors, we are working tirelessly to give back critical COLAs that were taken from deserving seniors in past years. And that will only happen with the passage of The SAVE Benefits Act. This crucial bill will put $581 back in seniors’ pockets to make up for COLAs that were far too low for years.
We are dedicated to giving that money back to those who are rightfully entitled to it. Please show your support and sign our petition today.