House lawmakers to propose emergency 3% Social Security cost-of-living adjustment
Source: CNBC
By Lorie Konish
The Social Security Administration announced this week that the cost-of-living adjustment for benefits in 2021 will be 1.3%.
For the average retirement benefit, that amounts to just a $20 increase per month.
Now, two Congressional Democrats Reps. Peter DeFazio, D-Ore., and John Larson, D-Conn. plan to propose a bill to raise that to a 3% emergency increase next year.
Due to the Covid-19 pandemic, seniors are facing additional financial burdens in order to stay safe, DeFazio said in a statement. This absolutely anemic COLA wont even come close to helping them afford even their everyday expenses, let alone those exacerbated by Covid-19.
Read more: https://www.cnbc.com/2020/10/15/house-lawmakers-to-propose-emergency-3percent-social-security-cola.html
Sherman A1
(38,958 posts)that and two bucks will get you a cup of coffee. This ain't goin' nowhere.
saidsimplesimon
(7,888 posts)are surviving on SS without other income.
beachbumbob
(9,263 posts)Makes sound so trite, more for headline than real help
FuzzyRabbit
(1,969 posts)And rent went up only 1.3%?
My rent went up $35.00. And my grocery bill is about $50 per month more.
marie999
(3,334 posts)Star-Thrower
(309 posts)also getting snap benefits. With every COLA increase SC SNAP sends me notification because of the COLA increase my snap benefits will be decreased. When I originally applied I received $165 in benefits. They have taken me down from that to $91.00 dollars a month. Does anyone know if other states do this? They say you can ask for a hearing but the odds of winning are 0. But hey, this is South Carolina.
LogicFirst
(572 posts)Milk has gone up 40% this year.