Proposed Legislation Addresses Cost of Living Adjustment for Seniors

Does it seem that your Social Security dollar doesn’t stretch as far as it used to? It’s not your imagination. COLA – or Cost-of-Living-Adjustments – have lagged behind inflation or been missing entirely for years! We believe permanent COLA increase of 3% for seniors is long overdue!

Consider this Cost-of-Living-Adjustment chart provided by the Social Security Administration. You have not received a COLA increase of 3% or more since 2006 – 14 years ago! Many recent adjustments have been near or at ZERO.

And the recent COLA increase of 1.3% is the lowest in the last four years!

We at the National Organization of Retired Americans find these diminishing increases unacceptable. How can seniors plan for their future when they don’t know what their next COLA increase will be?

At NORA, we advocate for the passage The Guaranteed 3% COLA for Seniors Act. This will provide a consistent, 3% increase for retired seniors collecting Social Security. We also believe such legislation must be retroactive. This would provide seniors with an additional $10,970 dollars to compensate for low or missing COLAs over the past 10 years.

What COLA Increases Can You Expect for 2021?

Starting in early December, Social Security beneficiaries began receiving notices of their COLA increase of 1.3%. These increased payments affect more than 64 million seniors. But is it enough for what you’ve earned in your lifetime?

If you find a guaranteed, 3% annual increase – retroactive to 10 years – important in your retirement years, please sign our Benefit Reimbursement Petition to Congress. We are here to fight for the benefits you have earned!

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