Inflation can affect how far your Social Security benefits stretch. Whether you depend on Social Security to cover the majority of your expenses or supplement your benefits with retirement savings or income, knowing the impact inflation can have will help you plan for the future.

According to a new report from CNBC, next year’s cost-of-living adjustment could be as high as 4.7%. This would be the highest COLA since 2009. However, inflation has accelerated rapidly over the past year. If inflation goes up, this COLA might not provide the boost to benefits that seniors need. But if inflation declines, beneficiaries could find that their benefits cover more expenses.

NORA is fighting for a COLA of at least 3%. This would ensure that seniors receive the benefits increase they need even when inflation is low. Seniors should be able to afford every item and service they need regardless of rising costs.

Join us as we work on behalf of seniors by signing our petition. And add NORA on Twitter and Facebook for more updates on Social Security and other issues impacting American retirees!