Why Social Security is Not Enough for American Seniors
Social Security benefits are not providing enough for Americans who rely on them. Unfortunately, many do not realize how insufficient these benefits are until after retirement. It is easy to assume that after years of paying in, a person should be financially secure in retirement. However, retirees do not get what they earned.
Social Security Benefits Do Not Keep Up With Inflation
These benefits should ensure that a senior’s essential needs are met. However, far too many older Americans actually live below the poverty line. This is because Social Security is not enough to keep up with the cost of living. The annual COLA (Cost of Living Adjustment) is intended to protect retirees from inflation. The problem, however, is that these increases are very minimal and do not keep up with the actual needs of seniors. The COLA for 2021, for example, was only 1.3%. This is far less than just the percentage increase of costs for many medications seniors rely on.
How The Greatest Generation Benefits Act Can Help Seniors
Clearly, a 1.3% increase in Social Security benefits is not enough. A Congressional bill we call The Greatest Generation Benefits Act is ready to create the change older Americans need. If this bill passes, Americans aged 82 and over will receive an additional $85 a month as well as a 4% increase automatically every year after. This plan would ensure that members of the greatest generation get what they earned and have the financial resources they need. Rather than waiting for the COLA announcement and finding again that the increase is not enough, Seniors would know what they are getting. Further, they could know that what they are getting is enough to keep up with inflation.
How to Help Make This Change
We are committed to giving back to those who gave the most. We are working to encourage Congress to pass this important legislation. One of the most important components of our work is to show how much public support this bill has. We have made the results of our nationwide survey available to Congress and the public. This paints a clear picture of the need for change and the support it has. You can help by signing our petition to show your support. We would also love it if you would let your friends on Facebook and Twitter know about this important bill. Thank you for your support, and be sure to follow us for the latest updates.
