-Avier Wanjou-Brass-

Cousins!

The Social Security Administration made a big announcement that hopefully makes everyone happy. The program that involves almost 70 million recipients will receive a cost-of-living adjustment (COLA) of 5.2% in 2022 since the increase in 1982. 

This news comes off the surging inflation, which increased the cost of everything from food to rent. According to CBS News, many seniors who rely on the benefits have struggled with the rising inflation this year after receiving a mere 1.3% COLA last January.  

Now typically, the administration announces its COLA in the fall. The increase will go into effect for December benefits paid in January, meaning they will receive a sizable annual “raise” in January 2022.

Despite this being great, it is also very questionable. Even though COLA is increasing, many experts and critics argue if it’s even enough? If inflation continues to flare, then seniors will find themselves still struggling. 

“There are a growing amount of estimates I’m seeing that inflation is going to continue into next year,” said Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, an advocacy group. “I would not foresee that an almost 6% COLA is going to restore buying power if inflation continues into 2022.” 

According to the National Institute on Retirement Security, about 4 in 10 seniors rely on Social Security payments as their source of income.