Can Elderly Americans Live on Social Security?
Many ederly Americans are struggling financially. While costs go up, Social Security income remains stagnant in comparison to inflation. Something needs to change soon for seniors who can’t afford their basic needs.
Is Social Security Failing Americans?
The Social Security system has been around for a long time and has helped countless Americans. Unfortunately, today’s Social Security checks are not cutting it. While these benefits should provide retirees with the resources to live comfortably, the current system is simply not enough. As inflation drives prices higher, Social Security benefits are not able to keep up.
Why COLA Doesn’t Go Far Enough For the Elderly
Of course, it would be reasonable to think that COLA would help recipients to overcome the challenge of inflation. Yet that just isn’t the case. The Cost-of-Living Adjustment (COLA) is intended to keep benefits on par with inflation, but the annual increase is far behind the actual cost increases seniors face. The percentage increase of COLA is often far less than the increase in Medicare premiums and drug costs. Clearly, COLA is not working.
Recent Changes Could Help
While significant action has still not been taken on Social Security Reform, there are some recent changes that could make an impact. The Inflation Reduction Act includes provisions to change aspects of medication pricing under Medicare. It also places restrictions on drug price increases. These steps sound good, but we don’t know for sure what the future holds, and it’s still not enough to give seniors what they need.
Elderly Americans Still Need More
What older Americans really need is a significant change to how Social Security Benefits are handled. This is why we support a bill we call The Greatest Generation Benefits Act. Under this legislation, retirees over age 82 would get a substantial monthly increase along with an additional 4 percent every year after. Learn more about this crucial bill here.