Social Security serves millions of Americans, with more claiming benefits every year. With more than 2,700 rules on the books, however, it can be difficult to know the ins and outs of Social Security, which can lead misinformation to run rampant. Not sure if what you know about Social Security is accurate? Check your knowledge against a reputable source to make sure.
Social Security Facts and Misinformation
MarketWatch’s article “Opinion: 10 things everyone should know about Social Security — for starters” offers a great place to begin. Some of the Social Security facts and myths that they cover include:
- When full retirement age is – This age can look different for seniors born in different years
- How much those who have never worked can collect – Individuals who have not worked but who are married to someone who has can be eligible for benefits up to 50% of their spouse’s
- Whether government workers with pensions can collect benefits – Teachers and other government workers who have pensions can still receive Social Security benefits
MarketWatch also covers an important facet of Social Security that many retirees may be in the dark about: cost-of-living adjustments aren’t guaranteed. While COLAs can boost benefits in years when inflation rises, in other years, seniors might receive no COLA at all.
The Problem of Missing COLAs—And the Solution
Years of no COLAs can lead to lasting negative consequences for seniors. In fact, NORA has calculated that eligible retirees might be owed up to $10,970 due to missing COLAs in 2010, 2011, 2016. Without a guarantee, seniors will continue to experience years of no COLAs.
NORA’s fighting for change. We’re calling on Congress to pass The COLA Act of 2021. This legislation would guarantee a benefits increase every single year regardless of the rate of inflation. Additionally, NORA is calling on a reimbursement for seniors. That’s because retirees should receive every penny they deserve, even up to $10,970.
Ready to see this bill pass? Sign our online petition today! Then follow NORA on Twitter and Facebook for more updates.
