Is Social Security Livable in 2023?
Retirees are struggling right now to afford rising gas and food prices and always challenging medical costs. While most Americans have suffered economically at some point after the start of the pandemic, those who rely on Social Security benefits in retirement often have it worse than many. Are these benefits livable in 2023?
Social Security and Retirement
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.
Recent Social Security Benefits Changes
Based on out-of-control inflation over the last two years, COLA in 2022 and 2023 went up considerably. Sadly, the change has not been enough. Benefits remain unlivable for many Americans. The Social Security system is in desperate need of a change and seniors cannot wait much longer for something to happen. Costs are still high and COLA for next year is expected to be less.
Why Benefit Increases Historically Have Not Stood Up to 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. In reality though, COLA fails seniors. While prices skyrocketed over the last couple of years and the Social Security Administration approved much higher increases than we’ve seen in decades, it still misses the mark. COLA does not account for the huge increases in Medicare premiums and everything else that especially impacts seniors.
Will There be Change for Older Americans?
While COLA increases have not been enough for retirees, there is hope. By re-framing 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.
For the latest on this and more, follow us on Facebook and Twitter.