Don’t make this assumption about your Social Security
Retirement is an important part of our lives. It is often something workers spend years looking forward to. People spend many of their working years anticipating the day when they can leave the daily grind and enjoy a little well-earned relaxation.
Unfortunately, the costs of retirement are more than many expect while the benefits of Social Security are far lower. Sometimes, it’s hard not to look at the American retirement system as a sort of bait and switch. You may spend your adult life paying into Social Security assuming that it will be there for you when you retire — only to find that you don’t get what you actually earned!
Why so many seniors struggle with low benefits
The biggest problem is that these benefits do not keep up with inflation. While keeping up with inflation is the whole idea behind the annual Cost-of-Living Adjustment (COLA,) these increases are little more than an insult to seniors struggling to afford basic needs. The fact is that COLA is based on estimated inflation rates, but this calculation does not consider real costs for seniors. For example, average medication costs for older Americans far exceed the national inflation rate. COLA consistently fails retirees. This needs to change.
Older Americans need a pay increase more than ever
We cannot ignore the importance of inflation. Costs of food, gas, housing, and pretty much everything else are still a great obstacle for Americans everywhere. However, retirees often get it the worst. We believe that Americans deserve to get everything in retirement they earned. Further, we believe that those who gave the most during World War Two and Korea, should NOT be receiving the least in retirement. This is why we support the Elder Relief Act.
It’s time for Congress to pass The Elder Relief Act. Learn more about this vital legislation and what we are doing to give back to older Americans here.