According to CNBC, seniors are facing rising costs much faster than anticipated. The 1.3% COLA—or $20 a month average increase—is not enough. According to the article, gasoline prices have risen 22.2% from March 2020 to March 2021.

In just the first quarter of 2021, inflation grew by 1.4%. A rate that fast hasn’t been seen since 2012, CNBC explains. And, since senior citizens rely on fixed budgets, the fast rise in costs are harder to absorb.

Due to the rapid inflation seen so far this year, many retirees are in support of a “guaranteed minimum” for the annual increase. And while a minimum increase would help many seniors, it’s not enough.

Right number 4 of our bill guarantees a reformation to the COLA calculations. Over 70% of senior citizens agree COLA calculations need to consider the skyrocketing healthcare costs. That is why we are urging politicians in Congress to pass our bill. Help us by signing our petition now.