How New Legislation Could Impact Retirement
Many Americans are struggling with economic challenges. This is, perhaps, most true for those who rely on Social Security benefits in their retirement years. While inflation sent prices for food and gas to new levels this year, retirees have not received enough to live on alone. While the struggle is still very real, potential new legislation could make an important change.
Retirement is a Significant Part of Life for Many Americans
For a lot of Americans, retirement is a goal and something, in many ways, to look forward to. The idea of retirement is tethered to a notion of freedom. After years of working and giving most of your time to a company, the idea of finally having time for yourself is incredibly appealing. It is certainly an important part of the American experience. Unfortunately, however, Social Security does not allow most retirees to live comfortably.
Social Security is Failing Retirees
Social Security benefits should allow older Americans to live peacefully with financial security after their employment ends. In reality, however, many recipients find that benefits are far too low to live on. This is not a new problem. In fact, low Social Security benefits have plagued retirement-aged Americans for decades, and in some ways, it seems to be getting worse.
COLA Isn’t Enough for Struggling Seniors
Obviously, Social Security has been deeply flawed for a long time. One issue that has been even worse in recent years is the inability of benefits to keep up with inflation. When we saw inflation rates that the United States hasn’t experienced in the last 30 years, seniors were hit hard. Even with significantly larger Cost-of-Living Adjustments (COLAs) in 2022 and 2023, benefits just couldn’t keep up.
Our Legislation Can Help
A bill we call The Greatest Generation Benefits Act has the potential to turn things around. This legislation would give retirees an $85 increase per month beginning at age 82, as well as a 4 percent increase each year. Please take a moment to read more about this bill and sign our petition to Congress here.
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