At NORA, our mission is simple. We’re fighting on behalf of American seniors to pass The Guaranteed 3% COLA for Seniors Act. We believe that retirees deserve guaranteed cost-of-living adjustments (COLAs), and we’re asking Congress to make these COLAs a guarantee every year. In addition, we’re calling for this act to be made retroactive to 2010. Some beneficiaries could receive up to $10,970. Years of missing and canceled COLAs have led to a gap between what our seniors were owed and what they received.
Why Retirees Deserve Guaranteed COLAs
So why are we fighting for the passage of this important legislation? Here are three important reasons why.
- Seniors Are Still Working After Retirement
Nearly half of all older Americans plan to continue working after retiring, and a number of them plan to work part-time or full-time even after age 70. A guaranteed increase in benefits every year could help more retirees stop working entirely and enjoy the retirement they earned.
2. COLAs Are Too Late
In 2021, inflation has risen. Goods and services are more expensive. However, the annual cost-of-living adjustment won’t take effect until 2022, many months after retirees have felt the financial crunch of inflation. A guaranteed COLA would have helped them weather this storm as it happened, rather than waiting for a benefits increase in a year.
3. COLAs Are Not Fairly Calculated
The Social Security Administration calculates COLAs using a specific index. However, this index, the Consumer Price Index for Urban Wage Earners and Clerical Workers, reflects the prices that wage earners in America see. Yet the goods and services that seniors spend their money on are likely to be different. As the prices of things like healthcare and medications go up, seniors should see these increases reflected in their benefits.
Connect With NORA Today
Congress needs to hear from all of us about this important issue. If you’re ready to see guaranteed COLAs for our Social Security beneficiaries, then join NORA in our fight today. Add your name to our petition, and also follow us on Twitter and Facebook. Achieving this goal is possible. Help us make it a reality.
