Previously, we have looked at projections that Social Security beneficiaries are likely to see a large cost-of-living adjustment for 2022. However, new data highlighted by WCNC.com predicts that next year’s COLA could be the largest since the 1980s.

Although this large increase is great news for beneficiaries, it does not solve the underlying problem. The formula used to calculate COLA does not accurately represent the lifestyle of senior citizens.

To remedy this, Senior Security Alliance supports a new bill, The Senior Citizens Bill of Rights. In this bill, it is outlined that healthcare costs must be factored into annual COLA calculations. This new formula will allow for a more accurate representation of senior citizens’ monthly costs.

Help call on Congress to guarantee senior citizens nationwide more financially secure futures by signing our petition today.