While the country continues to face economic challenges, it is often American seniors that suffer the most. While economic hardships are unfortunately not rare, these challenges become more serious for those trying to get by in retirement. As inflation impacts everyone, many older Americans have an especially hard time because of Social Security benefits that just don’t go far enough.
Social Security is Not Enough For American Seniors
Social Security is supposed to be a safety net for retirement-age Americans. However, the funds retirees receive are far too low. Many American workers have the misconception that Social Security will give them enough to live on in retirement. This is simply not the case. While benefits are low anyway, one of the biggest problems is the fact that Social Security fails to keep up with inflation.
Why COLA Increases Have Not Made a Dent Against Inflation
It may sound strange that Social Security benefits for retirees are too low since there is a system in place to adjust for inflation. The annual COLA (Cost-of-Living Adjustment) was designed for this very purpose. Sadly though, COLA fails seniors. While prices continue to spiral out of control, the Social Security Administration approved an increase for 2023 that is the highest since 1981. This increase, however, does not take into consideration actual costs to seniors.
Change for Older Americans in 2023?
While COLA increases have not been enough for retirees, there is hope. By changing the way we look at benefits for retirees, we can create real change. Some of our oldest citizens are the ones who suffer the most. They are also the ones who gave the most for this country. We believe that a bill called The Greatest Generation Benefits Act is the best way to give back to those who gave the most. learn more and sign our petition here.