After the Biggest Social Security Raise in Decades, Lawmaker Pushes for More

In 2022, retirees will receive a 5.9% Social Security Cost of Living Adjustment. COLAs are benefit increases seniors get to help avoid a loss of buying power due to inflation. When the consumer price index shows prices are rising, seniors get one of these adjustments for the subsequent year.

The 5.9% COLA is the largest retirees have received in decades, but one lawmaker believes that even such a big benefits bump is insufficient to ensure older Americans don't face financial struggles. Rep. John Larson (D-Conn.) has once again introduced a proposal that would provide both an immediate additional benefits increase for seniors and change the way COLAs are calculated going forward.

Here's what you need to know about his plan.

Source Fool.com