Low COLAs Have Led to a Loss in Buying Power

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low COLAs
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A new report on rising prices of basic living expenses is shining a light on challenges Social Security beneficiaries may face.

CNBC reports that the recent cost-of-living adjustment (COLA) of 1.3% for Social Security recipients could make it difficult for seniors to afford necessary items and services. Over the past year, the cost of many grocery items, vehicles, and care services have increased. These increases, as well as inflation, have far outpaced the low COLAs.

However, NORA is working hard on behalf of American seniors to put an end to these low COLAs. We’re asking Congress to pass The Guaranteed 3% COLA for Seniors Act. A guaranteed 3% COLA would help seniors afford the goods and services they need. We’re also calling for this legislation to be made retroactive to 2010. Some Social Security recipients could receive thousands in unpaid benefits.

Join us in petitioning Congress. This is the best way to make your voice heard. Then, add NORA on Twitter and Facebook for the latest updates!