Inflation continues to rise, and this puts estimates for next year’s Social Security cost-of-living adjustment higher than it’s been in close to 40 years. This bit of retirement news likely comes as a bit of relief to many seniors who have watched prices rise over the past year and whose 2021 COLA of 1.3% has not met this need. But will it be enough? Retirees are losing buying power as the prices of goods and services go up.

The Social Security Administration will announce the official 2022 COLA in October. Read more in CBS News’s article “Social Security recipients may get biggest cost-of-living bump in almost 40 years.”

At NORA, we don’t only want retirees to receive cost-of-living adjustments when inflation rises. Instead, we’re fighting for a COLA of at least 3% each year. This would help seniors be financially prepared for rising prices. Additionally, we’re calling on Congress to make The Guaranteed 3% COLA for Seniors Act retroactive to 2010. Some retirees could receive thousands in unpaid benefits – about $10,970!

Add your name to our online petition today! And be sure to follow NORA on Twitter and Facebook for more retirement news and information on the upcoming COLA.