Retirement security is a steadily growing concern. Many older Americans find themselves grappling with financial challenges, especially those over the age of 82.
Despite Social Security being a safety net for seniors, it often falls short of providing adequate support. The Cost-of-Living Adjustment (COLA) for 2024 was only 3.2 percent, leaving many retirees struggling to make ends meet.
How Can We Ensure a Secure Retirement for Seniors?
We think The Elder Relief Act would be a great step. This proposed legislation aims to address the financial needs of seniors aged 82 and up.
Acknowledging the limitations of current Social Security benefits, this act seeks to provide additional financial assistance by creating a guaranteed benefit increase. The proposed plan includes a monthly increase of $85 for seniors over 82, coupled with an annual increment of 4 percent.
Social Security, while crucial, often fails to keep up with the rising costs of healthcare, housing, and daily essentials. The 3.2 percent COLA for 2024 simply is not enough and highlights the urgency of a more comprehensive solution. The Elder Relief Act not only recognizes this urgency but proposes a tangible and immediate solution to alleviate the financial strain on our elderly population.
As members of the greatest generation continue to age, the need for robust and adaptable support mechanisms becomes increasingly apparent. The proposed change would provide a reliable and inflation-resistant solution to the Social Security problem facing retirees.
It is imperative for Congress to act swiftly and pass The Elder Relief Act. The financial well-being of our seniors is at stake, and the insufficient COLA is not enough. Older Americans deserve a more substantial and sustainable solution!
Please take a moment to reach out to your representative in Congress and tell them that we must pass this crucial legislation before it’s too late for those who have already given so much.