Far too many older Americans are struggling financially in retirement. Fortunately, we can do something about this. If Congress were to take action on this important issue, American seniors could finally retire comfortably.
Why So Many Americans Do Not Have Enough to Live On in Retirement
Retirement is an important part of every American’s life. It is often something that people spend any of their working years looking forward to. However, it can also be a real challenge for a lot of people financially. Planning for retirement is extremely important but can also be much more difficult than many working adults might think.
Unfortunately, people often think that Social Security benefits will provide for them in retirement only to find that this is not quite true. While Social Security is an important program and helps a great deal of people, the benefits do not go far enough for retirees. Low benefits have been a problem for years, and something needs to change.
Why The Greatest Generation Benefits Act Would Change Everything
The problem is that Social Security benefits do not keep up with inflation. As prices keep going up, retirees have less and less spending power. This impacts everything from rent payments and transportation costs to transportation and groceries. COLA increases do not provide enough to combat rising costs. Even with the significant 2022 COLA, benefits cannot keep up.
A bill we call The Greatest Generation Benefits Act would provide a long-term solution. While COLA increases typically amount to very little, this bill would give seniors over age 82 an additional $85 per month as well as a 4 percent increase every subsequent year. This is the best option to ensure that these Americans actually get what they earned.
Why Congress Needs to Pass This Bill in 2022
We’re living in a time of uncertainty. The pandemic, along with an array of political and social issues, are still presenting financial and public-health challenges. Those who rely on Social Security can’t wait much longer for this change. If you agree, please take a moment to sign our petition telling Congress it’s time to take action now!