The Elder Relief Act, a significant piece of proposed legislation, aims to address the financial struggles faced by American seniors. This bill seeks to increase Social Security benefits for Americans aged 82 and over, providing much-needed financial support during retirement. Under this act, eligible seniors would receive an additional $85 per month and a 4 percent annual increase thereafter.
This change is crucial for several reasons. First of all, current Social Security benefits are insufficient for many seniors. Despite a lifetime of hard work and contributions to the Social Security system, many find themselves struggling to make ends meet on a fixed income. The additional $85 per month and guaranteed annual increase would provide a vital boost, helping seniors cover basic living expenses.
Secondly, the annual Cost-of-Living Adjustment (COLA) does not keep up with inflation. While COLA is intended to ensure that Social Security benefits maintain their purchasing power, it falls short of this goal time and again. Rising costs of goods and services erode the real value of benefits, leaving seniors with diminished purchasing power.
The proposed changes under the Elder Relief Act would help mitigate this issue, ensuring that seniors’ benefits grow in line with their needs.
Furthermore, seniors face higher living costs due to high medication prices and Medicare premiums. As healthcare needs increase with age, so do the associated expenses. The additional financial support provided by the Elder Relief Act would help seniors manage these rising costs, ensuring they can afford necessary medications and healthcare services.
It’s hard to deny that the Elder Relief Act is a vital step in making retirement more affordable for American seniors. Unfortunately, Congress doesn’t seem to be in a big hurry to pass this legislation. We think that it can’t be overstated how far this bill would go to ensure that seniors live with dignity and financial security. Keep up with us for the latest updates on this vital legislation, and contact your representative to let them know it’s time.