Congresswoman Gwen Moore Welcomes News of Robust 2021 Social Security Cost of Living Adjustment
Washington,
October 13, 2021
Congresswoman Gwen Moore Welcomes News of Robust 2021 Social Security Cost of Living Adjustment Congresswoman Moore, a member of the Ways and Means Social Security subcommittee, released the following statement following the annual Social Security Cost of Living Adjustment (COLA) announcement: “I am pleased to learn that Social Security and Supplemental Security Income benefits will increase by 5.9 percent in 2022, which is the largest COLA increase in decades. This benefit boost is intended to help seniors and individuals with disabilities pay for monthly expenses such as food, transportation costs, and other household bills. We need to ensure that Social Security is meeting the needs of those who rely on this lifesaving program to make ends meet. Even with this COLA, I know that many Social Security beneficiaries on fixed incomes will continue to struggle to meet basic needs, including health care and prescription drug costs. I have introduced legislation, the Social Security Enhancement and Protection Act, to improve Social Security for Americans who may be at higher risk of poverty as they age, such as women, people of color and low-income Americans. I also know that Ways and Means Social Security subcommittee chair John Larson, a tremendous champion for the Social Security program, will soon introduce legislation, the Social Security 2100 Act, that would improve program’s long term fiscal prospects, while strengthening benefits, and making Social Security function in a more equitable way. This COLA is a good step and I know it will be welcomed by many in the Fourth Congressional District. But we need to pass these bills so that Social Security can better help the millions of seniors struggling with poverty.” The COLA will take effect for SSI recipients on December 30, 2021 and for Social Security recipients in January 2022. Additionally, for Social Security recipients who have their Medicare Part B premiums deducted from their benefit, the announced increase does not reflect the potential impact of Medicare Part B premium increases, which have not yet been announced for the coming year. |
