Many Americans Can’t Afford to Retire in 2022

Older Americans can't afford to retire in 2022
Via Pixabay

Too many Americans struggle financially in their retirement years. Many, in fact, cannot afford to retire in 2022. It’s sad that people will spend a lifetime working only to realize that they don’t have enough to cover their daily needs. This is not right! Some of those who gave the most to make this nation what it is today, get the least in retirement. This has to change.

Why It’s So Hard to Retire in 2022

Unfortunately, many Americans do not understand the imbalance between typical retirement income and the cost of living. While we all pay into Social Security throughout our careers and assume it will be there for us, this may not be the case. Many retirees find themselves shocked by how little they actually receive. Furthermore, issues ranging from the Covid-19 Pandemic to current inflation rates are making retirement much less affordable in 2022.

Older Retired Americans are Struggling to Get by on Social Security

Many senior citizens have difficulty meeting their needs in retirement because benefits do not go far enough. For those who don’t have additional income or savings, it is a real struggle to afford basic needs. Social Security benefits do not provide enough to live, and the elderly population may not have other resources to bring in money.

How COLA Fails Seniors

The Cost-Of-Living Adjustment (COLA) is supposed to help retirees keep up with rising costs. While this sounds good on paper, in reality the adjustment is insufficient. The reason is that the increase is based on projected inflation rates related to Consumer Price Index (CPI) and these figures do not account for costs specific to older Americans like drastic Medicare premium hikes.

Can New Legislation Make Retirement Affordable?

Although COLA has failed for years, there is hope for retirees. A bill we call The Greatest Generation Benefits Act looks to greatly increase Social Security benefits for Americans 82 and over. These members of the greatest generation gave so much and should not get the least. Under this legislation, these great Americans would receive an additional $85 per month plus 4 percent every year after. Please take a moment to sign our petition