The cost-of-living adjustment (COLA) for next year is likely to be the highest it has been in several years. The latest estimates provided by The Senior Citizens League, a nonpartisan senior group, indicate that a 6.2% increase is likely for 2022 based on the most recent Consumer Price Index data.
Although this increase will mean that Social Security recipients will receive increased payouts, many seniors in the country are facing rising costs. What’s more, higher Medicare premiums, as well as taxes on benefits, could eat into that adjustment.
Given this, The Seniors Citizens League has sent an email to supporters informing them that the group plans to petition Congress members for new $1,400 stimulus payments solely for eligible seniors. The group’s email received immediate support from many seniors.
After they sent out that first email, the group received over 100 replies from seniors who shared their struggles. In their emails to the group, some seniors mentioned that they had to cut down to just one meal a day, while others said they were forced to cut back on prescription drugs.
A large cost-of-living adjustment may prove detrimental to low-income seniors since they will also be facing adjustments to their food benefits, Medicare costs, and rental subsidies. New stimulus checks could provide non-taxable income to seniors to help them pay some of these costs if next year’s COLA puts them in a higher tax bracket.
The Senior Citizens League is planning to get in touch with Congress soon and is looking to advocate for payments, particularly for low- to middle-income retirees.
Recent polls have shown that additional stimulus payments are very popular among Americans. That said, there is no indication that Congress will offer another round of checks.