The projected COLA for 2022 keeps going up, with some estimates now at 6.2%. This drastic increase in Social Security benefits would help seniors cover the cost of goods and services in the face of rising inflation. However, this high COLA could have a huge impact on several specific areas.
Inflation has impacted different goods and services over the past year. Transportation, food, and housing especially have gone up. However, retirees drive less than the general population. And the rising costs of food and housing have been about a 3% jump—only half of the projected COLA. And one service that has barely been affected by inflation over the past year? According to Yahoo! Finance, healthcare costs have risen by only a marginal amount. This means that seniors’ funds could stretch further as a result of the high COLA for 2022.
There are months still to go before the 2022 COLA is officially announced. And at NORA, we’re fighting for a fair yearly COLA so that seniors can rest assured that they’ll receive a benefits increase every year. Years of no COLAs hurt retirees. Ready to join us in calling on Congress to pass The COLA Act of 2021? Sign our online petition today!
