Many are celebrating the recent announcement of a 5.9% COLA for 2022. However, will this adjustment actually benefit senior citizens?
Over the past year, we have all seen our fair share of hardships. However, senior citizens have had things particularly difficult. Luckily there is a program looking to help seniors regain control of their mental health, without forcing them to ration a fixed income.
If the debt ceiling is reached, the government will go into default. Once that happens, Social Security benefit payments hang in the balance as the Treasury decides what to prioritize their spending on. Unfortunately, the many senior citizens relying on their payments will not have the financial security they deserve.
The Social Security Statement is a tool to help people understand their earnings impact their benefit payments. A redesign aims to make it easier to read.
If a government shutdown ever occurs - what would it mean for Social Security beneficiaries?
