Seniors are happy to see news of a Social Security COLA – but will this one be enough?

Reports from AARP say that 2021’s COLA could be between 5.5-6%. While this may seem like a high number that’s pegged to inflation, it may not be suited to 2021 levels of inflation.

Due to the massive changes and limitations on the economy since 2020, coupled with other factors like high government spending and the pending debt ceiling problem, prices have been creeping up steadily, sometimes on a monthly basis.

Lately, inflationary changes from month to month are worrying – and the forecasted updates to Social Security benefits don’t exactly fall in line with unprecedented cost increases of this kind.

While any adjustment to benefits is helpful for seniors, retirees may find the update isn’t quite enough. Those who have modest lifestyles may feel the strain hardest, but even retirees who live comfortably could find they’re missing out on the benefits they earned because of rising costs.

Here at NORA, we’re committed to fighting for seniors and making sure they get fair retirement benefits adjusted in line with real inflation and the pace of rising prices. Congress must pass The COLA Act of 2021. Want to help and show your support for this mission? Sign our petition, then follow us on Facebook and Twitter.