Walberg Introduces Legislation to Help Seniors with Guaranteed COLA Funding
Washington, D.C.—Congressman Tim Walberg (MI-07) yesterday introduced H.R. 7765, the Certainty for Older Living Americans (COLA) Act, to strengthen benefits and provide certainty to seniors living on Social Security. The legislation provides a much-needed update to our nation’s Social Security benefits by including a minimum cost-of-living adjustment (COLA) threshold so recipients can plan more securely for the future and be certain they will receive an annual increase. H.R. 7765 requires the Social Security Administration to provide one-year advanced notice on the forthcoming year’s COLA benchmark.
"Social Security is a promise we must keep to Michigan seniors,” said Walberg. “To stand up for older Americans, we need to make sure that Social Security recipients are able to keep up with the rising costs of everyday life. My bill helps strengthen the program so seniors can count on their COLA benefits and live with dignity in their retirement years."
Many seniors rely on their Social Security benefits for daily necessities like groceries, gas, or housing expenses. In recent years, Congressman Walberg has heard from a number of constituents who have been frustrated that there has been little or no COLA increase to keep pace with these expenses. Under H.R. 7765, seniors will be guaranteed to receive an increase each year. The bill ensures that beneficiaries receive the greater of the annual Social Security COLA increase or the newly established minimum threshold based on the ten-year average of adjustments.