Social Security is Not Enough
Social Security benefits have long been a crucial source of support for American seniors, offering the promise of financial stability during their retirement years. However, current benefits are not enough to meet the needs of seniors over the age of 82.
As the cost of living continues to rise seniors need more than they receive. Those aged 82 and up are far more likely to have significant medical expenses and must contend with escalating costs of Medicare premiums and prescription medications.
Consequently, many seniors find themselves struggling to afford even their most basic needs. It is clear that Social Security, while an essential safety net, falls short of adequately addressing the financial challenges faced by many older Americans.
COLA Fails Retirees
The annual Cost-of-Living Adjustment (COLA) is meant to ensure that older Americans can keep up with the rising cost of living. However, it has become increasingly clear that the current COLA system is failing to address the specific needs of seniors who are struggling with high costs.
The 2024 COLA of 3.2 percent falls desperately short when compared to the actual needs and expenses faced by older Americans today. The reality is that healthcare costs, housing expenses, and other essential items have been skyrocketing in recent years, far outpacing the modest increases provided by COLA.
This discrepancy between the actual needs of older Americans and the annual COLA adjustment is not only concerning but also insulting to those seniors who are already facing financial hardships. It is crucial for policymakers to recognize this disparity and take immediate action to address it.
The Social Security Reform Seniors Need
Legislation we call “The Elder Relief Act” is a bill aimed at addressing the pressing issue of dwindling Social Security benefits for Americans aged 82 and above. This change would give many seniors a monthly boost of $85, coupled with a 4 percent annual increase.
In the face of what we can only call a Social Security benefit crisis, this legislation seeks to prioritize the well-being of our elderly population, providing them with the financial support they deserve in their golden years. It’s a step towards ensuring a more secure and dignified retirement for those who’ve paved the way for generations to come.
Learn more about this important legislation here.