For many American retirees, Social Security benefits provide financial peace of mind. These funds can serve as a boost to retirement savings and can help seniors pay for things like medical care, housing, and other necessities. According to U.S. News, the average monthly benefit for seniors was a little over $1,500 in 2020. Cost-of-living adjustments, or COLAs, have provided slight increases over time. But is this amount meeting the needs of all our retirees?
In a recent article, AARP reveals some basic information about Social Security. This shows just how much these benefits can mean to American seniors.
- For more than half of seniors, Social Security benefits make up most of their income
- About a quarter of these beneficiaries rely on Social Security for 90% or more of their income
- Social Security keeps 3 in 10 American seniors from falling below the poverty line
With Social Security benefits playing such an outsized role in the lives of our seniors, it’s clear that they deserve a higher cost-of-living adjustment. Our retirees have worked hard. They should receive all of the benefits owed to them. The Guaranteed 3% COLA for Seniors Act would ensure that Social Security beneficiaries receive a fair COLA each and every year.
NORA Is Working to Pass The Guaranteed 3% COLA for Seniors Act
One way that NORA is working on behalf of American seniors is by pushing Congress to not only pass this legislation but to also make it retroactive to 2010. In the past 11 years, only once has the cost-of-living adjustment been higher than 3%. If we succeed in making this bill retroactive to 2010, Social Security beneficiaries could be owed as much as $10,970.
It’s clear that this amount would make a difference in the lives of many American seniors. Looking for a great way to help NORA fight for retirees? Add your name to our petition! The more names on our petition, the stronger our case for a fairer COLA will be.
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