Retirement Income is Too Low for Many Older Americans Who Rely on Social Security
Retirement is an important part of life and requires careful planning. Unfortunately, many Americans discover that their retirement income is much lower than expected. While planning for your future is very important, there are problems with the Social Security system that make it very difficult. There is, however, hope for a change in the future.
What is the Problem With Social Security?
Social Security benefits are designed to help Americans in need. However, these benefits often fail to give enough to recipients. While Social Security does provide supplemental income, it is not enough for the average American to live on alone. Many retirees are shocked to find out how little they actually receive after years of working, paying in, and assuming that Social Security would be there for them. The biggest problem is that these benefits do not keep up with inflation and rising costs.
How to Increase Retirment Income
These retirement benefits are actually supposed to adjust for inflation and price increase. The annual Cost of Living Adjustment (COLA) should increase benefits to meet these rates. The problem is, this adjustment is too small. For example, the COLA for 2021 was only 1.3 percent. To offset inflation, retirees can benefit from having additional retirement and savings plans. They earned it. The problem, however, still remains that Americans are not getting out of Social Security what they have earned. This is why we support a bill we call The Greatest Generation Benefits Act. This legislation would drastically increase benefits for those over age 82.
How You Can Help Improve Social Security and Boost Retirement Income
Learn more about The Greatest Generation Benefits Act here. This bill still requires for Congressional approval. To pass this important legislation, we need more voices to speak up for older Americans who are not getting what they earned in retirement. You can help call for this change happen by signing our petition. Please, also take a moment to share with your friends on Facebook and Twitter.
