Many are celebrating the recent announcement of a 5.9% COLA for 2022. However, will this adjustment actually benefit senior citizens?

COLA increases are supposed to help seniors keep up with inflation. However, the skyrocketing costs of healthcare continue to get in the way.

Although some of the highest COLAs have been estimated for 2022, there is still the real possibility that this increase wouldn’t make a difference. Any COLA increases may just end up being “absorbed by higher Medicare ... premiums.”

As prices continue to climb, senior citizens are left struggling under a fixed income. Thankfully, there appears to be a light at the end of the tunnel.

Rep. John Garamendi introduced a new bill that would switch the index used to calculate COLA. Is this small change enough?