Can Retirees Live on Social Security Alone?
Retirees are struggling right now. With gas, food prices, and everything else going up, most Americans are suffering economically at least a little. 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.
2022 Social Security Benefits
In 2022 and beyond, Social Security benefits for retirees may be more important than ever. Older Americans were hit hard by the pandemic and again by the economic challenges of the last year. The system is in desperate need of 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 a Dent Against Inflation
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 prices skyrocketed this year, the Social Security Administration approved an increase higher than we’ve seen in decades. This increase, however, does not account for the huge increases in Medicare premiums and everything else that impacts seniors.
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.
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