In a nation where retirement security is a growing concern, older Americans find themselves grappling with financial challenges. This is especially true for those over the age of 82. Despite Social Security being a safety net for seniors, it often falls short of providing adequate support.
Even adjustments intended to offset inflation fail to increase benefits in any substantial way. For example, the Cost-of-Living Adjustment (COLA) was a meager 3.2 percent in 2024 leaving many retirees struggling to make ends meet as prices continued to rise.
So how can we better support our older citizens in their golden years?
We think The Elder Relief Act would be a huge step in the right direction. This proposed legislation would address the financial needs of seniors aged 82 and up.
Acknowledging the limitations of current Social Security benefits, this act seeks to provide additional financial assistance by creating a guaranteed benefit increase. The proposed plan includes a monthly increase of $85 for seniors over 82, coupled with an annual increment of 4 percent.
Social Security, while crucial, often fails to keep up with the rising costs of healthcare, housing, and daily essentials. The 3.2 percent COLA for 2024 was little more than an insult to struggling retired Americans. This highlights the urgency of a more comprehensive solution. The Elder Relief Act not only recognizes this urgency but proposes a tangible and immediate solution to alleviate the financial strain on our elderly population.
As members of the greatest generation continue to age, the need for robust and adaptable support mechanisms becomes increasingly apparent. The proposed increase, along with the revised annual adjustment would provide a reliable and inflation-resistant solution to the Social Security problem facing retirees.
Congress must act swiftly and pass The Elder Relief Act. The financial well-being of our seniors is at stake, and the insufficient COLA is not enough. Older Americans deserve a more substantial and sustainable solution!
Please take a moment to reach out to your representatives in Congress to emphasize the urgency of passing this crucial legislation before it’s too late for those who have already given so much to our society.