Retirement May Not Be What Many Americans Expected: Why Some Retirees May Not Have Enough to Live On

Elderly Man Retirement
Via Pixabay

Retirement is a goalpost for many American workers hoping to enjoy their post-work years. Employees often countdown to the day they can retire and leave the working world behind. It sounds great, after all, to know that you have put in your time on the job and can finally take time to rest, to travel, to live your life. However, for many older Americans, this time of life is far from carefree.

Why is Retirement More Challenging Than People Think?

When we retire, we tend to think much of our stress will fade away. In reality, however, this can be a very stressful time. Some retirees may struggle with isolation and loneliness after leaving a job. Furthermore, simply paying bills can be much more of a challenge for retired persons. A great number of Americans find that they have much less to live on than they anticipate after retiring. 

Most Americans Don’t Have as Much to Retire on as They Think

Low income and high cost of living can be a real shock to retirees. Insufficient savings can be a serious problem when things like costly home repairs or medical expenses come up. Furthermore, many workers believe that Social Security will take care of them in old age, and sadly, this may not be the case. For many older people, especially those over age 82, trying to live on Social Security alone is nearly impossible.

How a Social Security Change can help

The problem is that Social Security does not keep up with the cost of living. The annual COLA is intended to account for inflation and other rising costs but fails to truly do so. Americans need more, deserve more, and most of all they earned more. We believe that Americans should get the benefit they earned. That is why we support The Greatest Generation Benefits Act.

What is The Greatest Generation Benefits Act?

This important legislation requires Congressional approval, but if passed, it will be life-changing for a large number of older Americans. This bill would increase benefits for those 82 and over by $85 per month plus an additional 4 percent every year after. To help call for this change, please sign our petition to Congress and share with your friends on Facebook and Twitter.