Retirement should be a stage of life to anticipate with joy after years of hard work. However, many Americans over 82 face financial hardship and uncertainty instead. The Elder Relief Act, now awaiting approval in Congress, aims to bring meaningful change by enhancing Social Security benefits. If passed, this legislation would offer crucial support to elderly Americans, providing an initial increase of $85 per month—an amount that could significantly ease the financial strain on those struggling to make ends meet in retirement.
Furthermore, the bill includes a yearly increase of 4 percent, ensuring that these benefits keep pace with inflation and the rising cost of living.
Retirement is becoming increasingly unaffordable for older Americans because of rising healthcare costs and expensive Medicare premiums. Many seniors face impossible choices between paying for medications or covering other necessities like food and housing.
Additionally, inflation has made things even more challenging for older Americans living on fixed incomes.
The Elder Relief Act looks to create needed change for seniors by providing more financial support. This would allow retirees to access the medications and healthcare services they need without sacrificing their overall well-being.
By increasing Social Security benefits, the Elder Relief Act acknowledges the reality of inflation and seeks to ensure that retirees can maintain their standard of living as the cost of goods and services continues to rise.
Congress must take swift action to pass the Elder Relief Act. Every day of delay means more elderly Americans are continuing to face financial insecurity during what should be a time of relaxation. By supporting this legislation, lawmakers have the opportunity to make a tangible difference in the lives of millions of seniors across the country, providing them with the dignity and security they deserve in retirement.
Read more about what we are doing to help American seniors here. If you agree that change needs to happen, take a moment to tell your representative to take action on The Elder Relief Act.