Seniors collecting Social Security will be getting more money next year. The average senior will receive an additional $20 in benefits in 2021 thanks to a 1.3% Cost-of-Living Adjustment (COLA). If you think that sounds positive, think again. Healthcare costs are increasing at a higher rate. A FoxBusiness.com article pointed out that healthcare costs have been growing at almost 3% annually for the past ten years. That means this year’s COLA won’t make up the extra expenses that seniors will face.
The article declares that a big change is needed and calls for recalculating the annual COLA based on the Consumer Price Index for the Elderly (CPI-E), which better accounts for healthcare inflation, instead of using the current Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This is one of the fundamental tenets of the Social Security Expansion Act. The Seniors Trust is calling on Congress to pass this bill that would not only implement a fair Cost-of-Living Adjustment for seniors, but also increase monthly benefits and guarantee the current and future benefits of all Social Security recipients.
You can show your support for this important measure by signing this petition.