In the year 2022, nearly 70 million Americans will receive a 5.9% increase to their monthly payments. This much overdo Social Security benefit increase is the highest in almost 40 years, with the last significant raise being in 1982. Over the last decade the average raise was 1.4% per year. This hike in benefits is directly related to the high cost-of-living most seniors face today. The Cost-of-Living Adjustment (COLA) raises Social Security benefit to proportionally meet the raising rate of inflation.
As reported by CNN, seniors, who have worked hard to earn their benefits, will be able to receive an appropriate amount to reflect our current economy. The annual Social Security benefit increase has been unable to keep up with the raising rate of inflation. Especially for seniors, average cost-of-living has grown 105% over the last 20 years, so it is imperative that benefits increase at a similar rate.
We have to protect the Social Security Trust because D.C. politicians are simultaneously allowing inflation and undermining seniors’ benefits. One of the best ways to share your voice and demand the full benefits you’ve earned is by signing the Council for Retirement Security’s Protect Our Trust Petition. We must ensure our Social Security benefits are safeguarded against being used for frivolous, inefficient government spending.
Let us also hear directly from you, by taking our policy survey we get a much clearer idea of what policies and bills are important you specifically. Your voice will help us learn what seniors today need from their Social Security reform.