Retirees are struggling right now. With gas, food prices, and everything else going up over the last couple of years, many Americans are still suffering economically. However, those who rely on Social Security benefits in retirement often have it worse than many. This begs the question, will older Americans be able to get by on their Social Security payment alone?
Retirees and Social Security
Social Security is designed to benefit many Americans. Part of its role is to ensure that no one retires without the resources they need to be able to live. When it comes to retirement, these benefits are extremely important. Unfortunately, they’re also often insufficient. Those who require Social Security to afford their everyday needs often come up short.
2023 Social Security Benefits
In 2023 and beyond, Social Security benefits for retirees may be more critical than ever. Older Americans were walloped by the pandemic and again by the increasing economic challenges of the last year. The system desperately needs a change, and seniors cannot wait another year for something to happen. Costs are rising far faster than benefits, and Americans are suffering.
Why Benefit Increases Have Not Made Much Improvement for Older Americans
It may seem odd that Social Security for retirees is 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 the Social Security Administration approved a 2023 COLA increase higher than we’ve seen in decades, it simply does not go far enough for seniors. Costs for healthcare, housing, and other basic needs still exceed benefits for many.
Change for Older Americans
While COLA increases have not been enough for retirees, there is hope. By reframing 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.