If you’re a regular reader here at NORA, you know that Social Security is getting a boost in 2022.
Thanks to the record-high COLA, retirees can expect their payments to jump by up to 5.9% in the coming year. But could a second boost be on the horizon for the program right after this increase?
Increasing Social Security is a passion of ours because the “raises” many people think of aren’t really raises at all – increasing the payout is more of a fair adjustment, and a step to reduce the value the program has lost throughout the decades.
While we recently touched on an upcoming bill that could provide even more benefits for the struggling program, it’s important to discuss how the two changes could work together.
Why Increasing Social Security is More Important Than Ever
Both the 2022 COLA and “Social Security 2100: A Sacred Trust” could have compounding positive effects for many retirees.
For example, an added 2% increase onto the already boosted benefit would be highly helpful. Moving minimums higher above the poverty line would also be valuable to those who depend on Social Security as a sole source of income.
The reason why compounding increases are helpful is that the program also faces compounding problems. While Social Security’s funding issues go back decades, ongoing supply chain and inflationary problems could extend our tumultuous economic environment, presenting even more concerns for retirees of all income levels and lifestyles.
Even if increasing Social Security through new legislation takes some time, any help is welcomed at this point. Whether a senior is comfortably retired with their finances in order or struggling, everyone wants the full, fair value of the benefits they paid into – and the right legislation is the key to driving change.
What’s the key to pushing for the appropriate legislation? Our petition is a powerful tool to help seniors and retirees make their voices heard – and we’d appreciate your signature if you support our cause. If retirement benefits are something you’re passionate about, follow us on Facebook and Twitter for more news just like this.