NORA’s mission is to help seniors, and one way we’re doing that is by advocating for The Guaranteed 3% COLA for Seniors Act. This legislation would ensure that Social Security beneficiaries receive a cost-of-living adjustment of 3% or more each year. We want seniors to receive more of the benefits they’ve worked so hard for. That’s why we’re urging Congress to make progress on this bill.
Before signing our online petition, you likely want to know more about the benefits of The Guaranteed 3% COLA for Seniors Act. Read on to learn more about three important benefits of this bill. You can also track the progress of this bill on GovTrack.
1. It Would Create a Consumer Price Index for Elderly Consumers
Currently, cost-of-living adjustments are based on an index that tracks the spending of wage earners. However, many seniors depend on Social Security for the majority of their income. This index does not reflect the spending habits and needs of retirees, who spend more on goods and services like healthcare. A new index would ensure that seniors’ needs are taken into account.
2. The Guaranteed 3% COLA for Seniors Act Would Boost Benefits
Not since 2011 has the COLA been over 3%. And according to the Social Security Administration, in 2015, there was no cost-of-living adjustment at all. This legislation would ensure that Social Security beneficiaries receive a COLA of at least 3% every year, which can help seniors afford more of what they need.
3. Seniors Could Receive Thousands in Unpaid Benefits
NORA’s asking Congress to not only pass this bill, but to make it retroactive to 2010. What would that mean? Retirees would be eligible to receive the funds they would have been paid if every COLA was 3% or more. Some seniors could receive thousands! This benefits boost could make a difference in the financial security of many American retirees.
So help NORA as we work to pass this legislation by signing our online petition today. And follow us on Twitter and Facebook for updates on this legislation and other important issues!
