COLA Can’t Keep Up With Skyrocketing Senior Expenses
A recent Yahoo! Finance report shows that seniors are calling for a minimum Social Security cost-of-living adjustment (COLA), claiming that current benefit rates can’t keep up with skyrocketing expenses. This is something The Seniors Trust can stand behind. For years, as a program of a grassroots non-profit, we have been urging lawmakers to pass the Social Security Expansion Act. This legislation establishes a COLA formula that better considers the unique expenses facing retirees, namely increasing healthcare and housing costs.
A survey of seniors from earlier this year found that about two-thirds of retirees want to see a guaranteed minimum cost-of-living adjustment of 3%. That’s not too much to ask for, especially when considering the current rate of inflation. This year’s COLA was only 1.3% and, according to the Social Security Administration, the average increase has been only 1.4% for the past ten years.
The annual Social Security COLA is set each fall. It’s not too late to help realize a bigger change for 2022. Join The Seniors Trust in calling on Congress to pass the Social Security Expansion Act. You can show your support by signing its petition.
