(UnitedVoice.com) – Living on a fixed income is rough for a lot of people, especially with the cost of living increasing around the country. That’s why the Social Security Administration (SSA) increases payments to help retired Americans cover those costs. Now we have an idea of what the 2021 raise might look like.
According to a Fox News report, the SSA may release its cost-of-living adjustment (COLA) for next year within the next week. The Senior Citizens League estimates beneficiaries will see an increase of about 1.3%. Experts say the 2021 adjustment will likely be lower than they’d like.
However, over the last decade, retirees have had two years with no increase at all. The 2020 COLA was 1.6%, so the next one won’t be that far off from the previous year. The concern is it’s not enough, and many would like to see retirees receive a larger adjustment.
Joe Biden’s agenda would be a catastrophe for Florida Seniors. For years, Biden tried to cut Social Security and Medicare. Now Biden is pledging mass amnesty and federal healthcare for illegal aliens—decimating Medicare and destroying Social Security…pic.twitter.com/GgHP0NvpEe
— Donald J. Trump (@realDonaldTrump) October 13, 2020
With the election right around the corner, Americans want to know how the candidates are going to handle the program. Both have said they want to protect it, but President Trump has proven that over the last four years.
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