Retirement should be a time of relaxation and enjoyment after a lifetime of hard work. However, for many Americans over the age of 82, retirement is a time of financial strain and uncertainty. The Elder Relief Act, currently awaiting approval in Congress, offers hope for these individuals by proposing significant changes to Social Security benefits that could reduce their financial burden.
If passed, the Elder Relief Act would provide much-needed relief to elderly Americans by increasing their Social Security benefits. The initial $85 per month would make a meaningful difference in the lives of those struggling to make ends meet during their retirement years.
Additionally, 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 the soaring cost of essential medications and Medicare premiums. Many seniors find themselves facing difficult choices between paying for medications or covering other necessities like food and housing.
The Elder Relief Act aims to ease this burden by providing more financial support, allowing retirees to access the medications and healthcare services they need without sacrificing their overall well-being.
Inflation further exacerbates the financial challenges faced by elderly individuals living on fixed incomes. By increasing Social Security benefits, the Elder Relief Act acknowledges the reality of inflation and seeks to ensure 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 faced with financial insecurity during what should be their golden years. 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.