The Social Security cost-of-living adjustment for the coming year may possibly be the highest it’s ever been in decades. The new estimates provided by The Senior Citizens League, a nonpartisan senior group, show a possible 6.2% spike for 2022 based on the latest data of the Consumer Price Index. In comparison, this year only saw a 1.3% increase.
However, the prospective increase for 2022 comes at a time when seniors are already facing increased costs. More importantly, greater Medicare Part B taxes and premiums on benefits may also curtail that adjustment. Now, The Senior Citizens League hopes to work on it.
An email was sent by the organization to supporters telling them about plans to petition Congress members for new $1,400 stimulus checks solely for seniors. Social security and Medicare policy analyst at The Senior Citizens League, Mary Johnson, stated that the group had “really hit a nerve with that first email.” She added, “It was an immediate response of support for the idea.”
Over 100 seniors replied to the group sharing their stories. More than half of those messages stated how seniors had to cut down their meals to one a day or had trouble being able to buy groceries. A majority of the seniors who replied also added that they were curtailing their use of prescription drugs.
Although COLA in 2022 could be the highest it’s been in years, Johnson says this development is a matter of concern for many seniors. When the COLA is high, low-income seniors worry that their food benefits, rental subsidies, and Medicare costs will be adjusted. Johnson explained that via new stimulus checks, seniors could use the extra non-taxable income.
The Senior Citizens League intends on reaching out to Congress with its campaign shortly. Johnson also added that the group plans to advocate for such payments, especially for low-to-middle-income retirees.
