Retiring on Social Security Alone May Not Be an Option for Many Americans
Many Americans have worked their entire adult lives and can not afford retirement. How is it that after years of paying into Social Security, retirees receive so little? We want to believe that these benefits can support us in retirement, but, unfortunately, this is not the case. In reality, seniors have been receiving is far too little for years.
Why are Social Security Benefits so Low?
Social Security Benefits remain low because true reform has not been treated as a priority. For years, older Americans have come to rely on benefits that are not enough to cover their monthly expenses. There are people who spend their lives in service and can not even afford to retire. While some may have other sources of retirement income, those who try to live on Social Security alone, quickly find out that it is not enough. Even members of the greatest generation (those who lived through World War II and the Korean War) sometimes find themselves living in poverty in their old age. This is unacceptable!
Social Security, Inflation, and Rising Costs
The biggest problem with Social Security is that benefits do not keep up with inflation and rising costs. Costs of goods and services constantly go up while benefits barely budge. You really don’t have to look further than the gas pump or the grocery aisle to see how prices can jump up. However, a look at Social Security increases for the past several years shows a much smaller change. The Cost-of-Living Adjustment (COLA) for 2021 was only 1.3 percent. In 2022, the increase jumped to 5.9 percent but failed to come close to matching near-record inflation. The 8.3 percent 2023 COLA was a step in the right direction but still failed to give retirees what they needed. Even worse, the 2024 COLA is expected to be much lower.
Is Retirement Still Possible for the Average American?
The average American can not rely solely on Social Security benefits after they retire. Many find that they cannot afford to retire or that they must have additional supplemental income to offset inflation. We, however, think that the ability to retire and live securely and comfortably should be a right of all who spent their lives paying into Social Security. It is a right that they earned.
How a Benefits Increase would change Retirement
A benefits increase is well past due for older Americans. Those who worked hard and sacrificed for this country should not be forgotten about when they reach a certain age. This is why we support the passage of a bill we call “The Greatest Generation Benefits Act.” This bill would substantially increase benefits for Americans over age 82. This includes an increase of $85 per month and an additional 4 percent annually. We believe that this is the best option to give back to those who gave the most. If you agree, take a moment to sign our petition.
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