In the years since Social Security was first established in 1935, many seniors have come to rely on the program as a valuable resource in retirement. Whether retirees use their benefits to supplement their retirement savings or depend on the program for the majority of their income, it can’t be denied that Social Security is an asset few would want to give up. And in 2022, Social Security history could be made as the program sees the highest cost-of-living adjustment (COLA) in nearly 40 years.
The Significance of 2022’s High COLA
Why would a benefits increase be history-making? For more than half the country, 2022’s estimated COLA, as reported by CNBC, would be the highest they’ve ever seen. Those born after 1983 would not have seen that year’s 7.4% increase take effect. This group will not begin taking Social Security benefits for years to come. However, 2022’s COLA could mark a shift in public perception of the program.
Current beneficiaries are sure to see this increase as welcome news. The economic crisis that accompanied the COVID-19 pandemic has made life difficult for many older Americans. Rising costs of housing and groceries have made it harder to stretch benefits. And more seniors feel isolated as a result of social distancing and other efforts to slow the spread of the virus.
Will the 2022 COLA for Social Security make history? As seniors wait for the Social Security administration to announce next year’s COLA, they might feel some trepidation. However, there are a few things all Americans can do to help call on Congress to improve Social Security in the meantime.
Make Social Security History with NORA
NORA is fighting to improve Social Security by passing The COLA Act of 2021. What would this important piece of legislation do? It would ensure that beneficiaries would receive a benefits increase every single year. Years of missed COLAs hurt seniors. Greedy politicians put their own agendas ahead of our country’s most vulnerable citizens when they deny benefits increases. However, NORA’s fighting for this bill—and calling on Congress to reimburse seniors all they’re owed from missed COLAs. Some beneficiaries could receive thousands.
Ready to make Social Security history in 2022 and beyond? Sign NORA’s online petition today, then follow us on Twitter and Facebook for more updates.
