Social Security Benefits Rise, But More To Do: NJ Rep. Pascrell

NEW JERSEY — Recipients of Social Security benefits can expect a few extra bucks starting in January 2022.

The Social Security Administration announced recently that Social Security and Supplemental Security Income benefits will increase by 5.9 percent through a cost-of-living adjustment.

More than 64 million people are eligible to receive that adjustment beginning at the top of next year. Increased payments to roughly 8 million SSI beneficiaries will begin on Dec. 30, 2021.

This is the highest COLA increase since 1982, when a 7.4 percent increase was made.

U.S. Rep. Bill Pascrell, Jr. (NJ-9), an advocate for social security causes, spoke in praise of the move recently, calling it a "gamechanger" for American seniors.

"For years we have fought to protect and expand Social Security and SSI benefits for America’s seniors. Finally, with an ally like Joe Biden leading the Executive Branch, the Social Security Administration will begin providing a significant cost of living increase beginning next year," said Pascrell.

"Millions of Americans rely on Social Security to survive. So, this almost six percent increase in benefits is a gamechanger for America’s seniors and retirees faced with growing costs."

But some, including Pascrell himself, believe there is still more to do when it comes to strengthening social security for the future.

"While significant, this is no substitute for Congress taking necessary action to pass legislation expanding benefits and ensuring the strength and solvency of Social Security for today’s seniors and generations to come," he said.

AARP's Chief Executive Officer Jo Ann Jenkins agreed with Pascrell on this front. The cost of living adjustment is great for seniors and recipients today, but more still needs to be done for the future, she said.

"Today’s announcement of a 5.9% COLA increase, the largest increase in four decades, is crucial for Social Security beneficiaries and their families as they try to keep up with rising costs. The guaranteed benefits provided by Social Security and the COLA increase are more crucial than ever as millions of Americans continue to face the health and economic impacts of the pandemic," said Jenkins.

"Given its importance to income security, policymakers should work together to ensure the long-term solvency and adequacy of Social Security and to protect the hard-earned benefits of millions of Americans and their families. Congress must also complete ongoing work to protect seniors by reducing one of their fastest rising costs – high drug prices – and expanding access to needed dental, hearing and vision coverage in Medicare," she added.

The adjustment comes after Americans have seen price increases flood nearly every market due to COVID-19 related shortages, and supply chain issues.

According to the Senior Citizens League, the COLA adjustment will "increase an average $1,565.00 retiree benefit by $92.00 per month." But that organization shared concerns regarding an increased Medicare Part B premium, which is deducted from Social Security benefits.

More over, the Senior Citizens League reports that constituents have voiced frustration over the lack of adjustments prior to 2021.

Since 2010, COLA has risen by 3 percent or more only once. Three times since 2010, there was no adjustment made at all.

From their purview, this is more about catching up than staying ahead.

"We frequently hear that, even though the COLA for 2022 may be the highest in years, the actual rising costs experienced by seniors rose even more, because the government’s measure of inflation doesn’t accurately reflect the purchasing patterns of retired and disabled Social Security recipients," the Senior Citizens League said.

Officials and advocates agree: the COLA is a positive step, but there are many more to take.

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