American seniors have significant expenses and face very real challenges when it comes to affording basic needs. The cost of living in 2024 is challenging for most Americans, but seniors often have it the worst.
Healthcare Expenses
Some of the biggest cost-of-living challenges for seniors are related to healthcare expenses. As we age, medical costs go up. Things like prescription medications and long-term care services drive costs higher for older Americans.
Medicare covers many healthcare services, but it doesn’t cover everything. Seniors may need to purchase supplemental insurance, such as Medicare Advantage or Medigap plans, to help cover out-of-pocket costs like deductibles and co-payments.
Transportation and Mobility
Maintaining mobility and independence is vital for seniors, but transportation expenses can quickly add up. Whether relying on public transportation or paying increasingly more at the pump, getting around can be expensive.
Social and Recreational Activities
Maintaining social connections and engaging in recreational activities are essential aspects of healthy aging, but they can come with their own set of expenses. Fortunately, there are a lot of organizations offering programs and classes for active seniors. However, these activities aren’t free.
Social Security Fails Seniors
One of the biggest problems for older Americans is the fact that Social Security simply doesn’t go far enough in retirement. With the challenges of inflation and the high cost of living, seniors need more than the little amount they receive from Social Security.
Cost-of-living adjustments (COLAs) are practically a joke. This increase is supposedly based on the projected cost of living, but it does not take into account costs specific to older Americans like Medicare premiums. Our seniors deserve better!
Seniors Need the Elder Relief Act
The Elder Relief Act is an important bill aimed at improving the lives of older Americans by increasing Social Security benefits. This legislation would give seniors an $85 per month increase in retirement benefits, along with a 4 percent annual increase every year after.
Learn more about this bill here, and please take a moment to let your Congressman know that it’s time for this much-needed change.