The Elder Relief Act is a proposed bill that would improve the lives of American retirees who struggle to survive on low Social Security benefits.
What is The Elder Relief Act About?
This bill would make change in several notable ways. The idea for this legislation is all about bringing fairness to retirees. This bill aims to:
- Increase benefits for seniors over 82.
- Ensure that increases are guaranteed for the future, protecting older Americans from insufficient benefits.
- Recognize that the current COLA system is unfair to retirees.
Why do Seniors Need an Increase?
With or without high inflation rates, seniors tend to have higher expenses for things like medicine and general healthcare. They have to deal with rising medicare premiums and prescription costs all with lower income than most.
Protecting the Future
For too long, we have relied on cost-of-living adjustment (COLA) increases to battle rising costs. The problem is that these increases don’t go far enough, and aren’t even guaranteed. Our bill would change that.
How COLA is Unfair to Seniors
The biggest problem with COLA is it bases its increases on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This does not factor in medicare premiums and other challenges specific to older Americans.
What will The Elder Relief Act do?
This bill would provide an $85 per month increase to Social Security benefits for Americans 82 and up. It would also guarantee a minimum 4 percent increase every year after.
This legislation would be life-changing for so many Americans. If you agree that members of our greatest generation deserve better, let your Congressman know, and be sure to check back here for the latest updates.
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