By now, many retirees have already checked their accounts and saw their newly raised Social Security payments go in.
It’s a cause for celebration in some ways. The efforts of retirees around the world, including the great readers of NORA, have made a difference and showed legislators that seniors should be made a priority.
But while the 2022 Social Security COLA marks a historic increase, there are a few factors to remember.
Social Security Recipients Should Be Excited, But Not Satisfied
Some say life is about being content with what we have. This is a great philosophy in some sense — our family, friends, health, home, and material possessions are all blessings we should be thankful for.
The 2022 Social Security COLA should also be received with a sense of gratitude. However, it should not be something that causes seniors to become complacent about the topic of their retirement benefits.
Seniors and retirees should all be focused on continuing the call for a yearly COLA, to keep on pace with record costs. This is because of record inflation, but it’s also because…
A COLA Isn’t a “Raise” in the Traditional Sense
When you work a job and you get informed your paycheck will be going up, it’s always good news. When you get more money than you agreed to for the contract you signed, it’s a win.
But Social Security isn’t a gift of goodwill, and no increase to the numeric value of the benefit constitutes a “generous boost” from lawmakers.
Social Security is something that seniors have paid into. Given how the program’s payouts have been diminished through generations of inflation and poor government budgeting, raises should be viewed as adjustments rather than boosts.
Or in other words, seniors are recovering some of what was lost rather than getting a raise — and this fact can motivate them to continue campaigning for what they deserve.
Will you make your voice heard on the legislative floor to get the benefits you’ve worked hard for and earned? Follow us on Facebook and Twitter so we can pursue this cause together.
