According to this article, a recent survey indicates that the 2021 COLA is proving to be insufficient. The 1.3% increase averaged an extra $20 for beneficiaries.

However, among those surveyed, the article states that 65% reported having their monthly expenses in 2020 increased by more than $80—three times the average increase seen by beneficiaries. Additionally, the article reports that 40% of those surveyed had their expenses increase by $120 or more in 2020.

The article notes that President Biden has stated that he would like to change the CPI-W used in COLA calculations to the CPI-E. Research by TSCL has shown that this change would cause an increase in the COLA.

However, this increase would be small. Specifically, the TSCL research stated it would increase COLA by a mere .25% according to the article. This is not enough.

 That is why Senior Security Alliance has created The Senior Citizens Bill of Rights and is advocating for a new formula that includes the skyrocketing healthcare costs. To find out how you can help us urge the politicians in Washington to pass this pioneering bill, go here.