Every year, Social Security beneficiaries wait to hear the news about their expected cost-of-living adjustment for the year ahead. Higher benefits are always welcome news, even if they go up primarily to cover inflation. In 2022, a COLA of at least 6% is expected as a result of the inflation caused by the pandemic. While seniors are likely to welcome the monthly boost, what does this type of COLA mean?

According to Yahoo! Finance’s article “Why Inflation’s 6% Cost-of-Living Increase to Social Security Could Be a Double-Edged Sword,” this high COLA is likely to stand out in the future as unusually high. Next year, inflation is expected to decline, however, making this boost in benefits stretch farther.

Instead of waiting for a once-in-a-lifetime increase to their benefits, NORA believes that seniors should receive a cost-of-living adjustment every single year. That’s why we’re supporting The COLA Act of 2021, a bill that would ensure beneficiaries would receive a benefits increase no matter what. We’re also calling on Congress to pay seniors what they’re owed for years of missed COLAs. Over the years, this amount could be more than $10,000.

Do you support our mission to get seniors what they deserve? Sign NORA’s online petition today. And follow us on  Twitter and Facebook so you never miss an update!