Many elderly Americans are struggling financially. While costs have gone up, Social Security income has remained stagnant in comparison with inflation. Something needs to change soon for seniors who can’t afford their basic needs.
Is Social Security Failing Americans?
The Social Security system has been around for a long time and has helped countless Americans. Unfortunately, today’s Social Security checks are simply not cutting it.
While these benefits should provide retirees with the resources to live comfortably, the current system is simply not enough. As inflation drives prices higher, Social Security benefits can’t keep up.
Why COLA Doesn’t Go Far Enough for the Elderly
Of course, it would be reasonable to think that COLA would help recipients to overcome the challenge of inflation. After all, it is a “Cost-of-Living Adjustment.”
Unfortunately, COLA is not in touch with the actual cost of living for seniors. For example, the percentage increase is often far less than the increase in Medicare premiums and drug costs.
Are Things Getting Better for Seniors?
While significant action has still not been taken on Social Security Reform, change is still possible. The Inflation Reduction Act of 2022 made changes to medication pricing under Medicare and placed restrictions on drug price increases.
Inflation rates have slowed considerably but not enough to make Social Security livable in 2024. Seniors need more. Significant change needs to come now before it’s too late for older Americans.
Elderly Americans Still Need More
What older Americans really need is a significant change to how Social Security Benefits are handled. This is why we support a bill we call The Elder Relief Act.
Under this legislation, retirees over age 82 would get a substantial monthly increase along with an additional 4 percent every year after. Learn more about this crucial bill here.