Understanding the breakdown of Social Security benefits can be challenging. The amount you made while working, the number of years in the workforce, your age, and even your marital status can all factor into how much you receive. The estimated COLA for 2022 could be the highest in over 30 years, which means that seeing Social Security benefits broken down could be even more helpful.

CNBC has put together a helpful video detailing just how Social Security benefits are calculated. This can help you understand the amount you receive each month. As you budget for the years to come, consider how future cost-of-living adjustments could impact your benefits.

At NORA, we want to see seniors receive the benefits increases they deserve, year after year. A one-time high COLA isn’t enough to make up for years of missed increases. That’s why we’re calling on Congress to pass The COLA Act of 2021. This bill would change the way our government determines COLAs and give seniors a benefits boost every single year. Ready to help us make history? Sign our online petition today!

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