Do you receive Social Security benefits? If so, you likely know that some years, benefits go up thanks to a cost-of-living adjustment, or COLA. However, some years, these adjustments have been minimal, and other years, they haven’t happened at all.

The Guaranteed 3% COLA for Seniors Act would ensure that beneficiaries receive a COLA of at least 3%. According to AARP, the average monthly benefit is $1,543 in 2021. For the average senior, a COLA of just 3% would amount to close to $46 in increased benefits per month. 

How could $46 a month help you? For some seniors, this amount could help pay necessary bills. For others, this could cover the cost of a lunchtime outing with friends or family. Over the course of a year, $555 in increased benefits could pay for plane tickets or lodging on a fun trip.

Let us know in the comments how a higher COLA could help you. We also invite you to sign our petition and to keep up with NORA on Twitter and Facebook!