The economy has been on the upswing since the huge hit we took during COVID-19. Unfortunately, these improvements are too little for those continuing to struggle with the high cost of living. This is often most true for older Americans.
Older Americans are Struggling
Inflation hit everyone hard, but older Americans are the ones who often suffer the most. Individuals beyond retirement age on average have higher medical expenses than their younger counterparts. They have to fight with rising prescription drug costs, hefty medicare premiums, and of course the exorbitant costs of housing, food, and transportation.
The Cost of Living is Out of Control
As mentioned above, inflation rates over the last few years have been astronomical. Everything from the gas pump to the grocery store hits us right in the pocketbook like never before. While efforts like the Inflation Reduction Act have slowed increases, that does not mean prices have stopped rising altogether. Furthermore, the average American income has not risen to match the cost of living.
Social Security Fails Millions of Americans
Those who rely on Social Security are especially susceptible to the effects of inflation. The fact is that these benefits have been too low for years and no real action has taken place to change this. The annual cost-of-living adjustment (COLA) is embarrassingly small in comparison to the actual costs facing retirees. Social Security reform is a necessity that older Americans can’t wait for any longer.
New Legislation Could Help
Older Americans, especially those aged 82 and over need help as high costs and low benefits make it hard to live. Americans who gave so much for this country during WWII and every other time our democracy was tested should not be forgotten in their older years. A Congressional bill could provide the change these older Americans need.
We believe that a bill we call the Elder Relief Act would be life-changing for retirees who rely on Social Security. This proposed legislation would give Americans 82 and over a significant monthly increase along with a guaranteed substantial boost every year after. learn more here.