New Details About the Vital Bill That Congress Is REFUSING to Act On

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COLA Act of 2021 details
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It’s no secret that many seniors struggle to live on Social Security. The COLA Act of 2021, also called The Certainty for Older Living Americans Act, would change a number of things about how cost-of-living adjustments are calculated. If Congress stops ignoring this necessary bill, seniors would benefit.

Details About The COLA Act of 2021

A few helpful details about The COLA Act of 2021 include:

  • Even if the COLA for a given year is calculated at 0%, seniors will still receive a benefits increase
  • Seniors will receive the greater of two calculations
  • Seniors will either receive an increase based on the COLA formula or the average of the previous ten years’ COLAs

According to reporting by CNBC, the index used to calculate COLAs rose by an average of 2.9% each year between 1982 and 2011. However, the Consumer Price Index for the Elderly (CPI-E), which is not currently used, rose by an average of 3.2%. Over time, those increases add up.

In fact, years of missing COLAs in 2010, 2011, and 2016 have left seniors with a balance of over ten thousand dollars owed to them. How? When a year goes by without a benefits increase, beneficiaries aren’t only missing out on the increase that year. They also won’t see that increase reflected in the years to come. Compounded over time, many seniors have missed out on thousands.

Since its introduction, the bill has been referred to the House Committee on Ways and Means. This is the moment we’ve been waiting for: Congress can now move forward with this bill and put it up for a full vote… or let it die in committee. Congress must not ignore this bill.

Add Your Name to NORA’s Online Petition

Would a $10,970 reimbursement help you? This isn’t a “bonus.” This is a reimbursement of funds that hardworking seniors are owed.

However, Congress isn’t going to act without significant pressure. That $10,970 could be lost unless our lawmakers are made to understand why this is so important. We’re not going to settle for anything less. Learn more details about The COLA Act of 2021 today. Then, sign NORA’s online petition. Adding your name can help us be heard by Congress.

NORA is working hard to make sure seniors receive all the benefits they deserve. Learn more about us and follow us on Twitter and Facebook for more updates.

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