Members of The Greatest Generation Face Economic Challenges as Social Security Fails Against Inflation
Many of the very Americans who gave so much during WW2 and Korea now struggle to get by in retirement. With inflation and economic turmoil, Social Security Benefits are simply not enough. Members of the greatest generation deserve more. These Americans deserve to get what they’ve earned. The financial threat is very real for seniors who cannot afford their living expenses. This can no longer be ignored.
How Inflation Hurts Members of The Greatest Generation
It is no secret that Inflation is spinning out of control. Prices are climbing as many Americans are still struggling with the health and economic impact of the Covid-19 pandemic. Inflation, of course, is nothing new, but it is particularly distressing at this time. For those who are among the greatest generation, inflation has been even more of a problem for years. This is because while costs continue to climb, Social Security benefits don’t go far enough to keep up.
Why Social Security Benefits Are Not Keeping UP
Social Security benefits, like any other form of income, must increase to meet the demands of rising costs. The annual Cost of Living Adjustment (COLA) is designed to offset inflation, however, the system is flawed. The problem is that while COLA is based on estimated inflation for the coming year, it does not take true costs to seniors into consideration. While things like Medicare premiums and prescription drug costs continue to rise, COLA doesn’t come close to matching the increase.
How New Legislation Could Help Many American Seniors
A bill we call The Greatest Generation Benefits act could create significant change for those who rely on Social Security benefits in retirement. This legislation would increase benefits by $85 per month plus an additional 4 percent every year after. These Americans who gave so much need and deserve this change. You can help by signing our petition. For the latest updates on this legislation and more, follow us on Facebook and Twitter.
