Many retired Americans unfortunately discover that life after retirement is more challenging than they expected. While we spend much of our adult life working, we often look forward to our retirement years. Sadly, the very real challenge of surviving on retirement income can be quite a shock.
Retired Americans and Cost of Living
The cost of living continues to go up. If we look at the cost of housing and rent compared to 10 years ago, we see a drastic increase. In fact, the average cost of a home has almost doubled since 2011. Gas prices have seen a significant jump this year. Costs for food, energy, and all consumer goods have increased over time. Overall, costs continue to climb for Americans. For seniors, the cost of living can be even more challenging. Consider that seniors spend more on medication and healthcare than the average American. Medication costs increase at a much higher rate than overall inflation. Inflation hurts seniors, and Social Security benefits can not keep up.
Why Social Security is Not Enough
While the cost of living continues to go up, Social Security benefits barely move. The Cost of Living Adjustment (COLA) is intended to combat inflation, however, the increase is so minimal, that recipients don’t really see a difference. The COLA increase in 2021, for example, was only 1.3 percent. This amount is significantly less than just the increase in medication costs. For seniors trying to manage rent/house payments, utilities, and healthcare, Social Security is not enough.
How a Change Could Offset Inflation
For years, politicians have talked about the problem with Social Security. It’s no secret that something needs to happen. Unfortunately, no meaningful change has taken place. We believe that the best solution for many older Americans is a Congressional bill we call The Greatest Generation Benefits Act. If this bill is passed into law, Americans over age 82 will receive an additional $85 per month plus a 4 percent increase every year after. This is the change our seniors need. Please sign our petition to let Congress know you support older Americans.