Retiring on Social Security May Not Be Easy
Social Security benefits should provide seniors with enough income to meet their basic needs. Sadly, it often does not. For those planning on retiring on Social security alone, there are some serious considerations to keep in mind.
Retiring is Not as Easy as Many Think
For many Americans, retirement is something they spend years looking forward to. While the idea of spending your golden years relaxing after years of labor is appealing, the reality is often much different. We tend to assume that after a lifetime of paying into the system, Social Security will provide for us. Many retirees find that it is much harder to live on retirement funds than they think.
Social Security Benefits Are Not Likely to Be Enough
Social Security benefits have been too low for decades. To make matters worse, this does not seem to be changing anytime soon. Retirees have found it difficult to live on Social Security alone. With inflation creating new challenges, it’s getting harder to make ends meet. Even COLA can not keep up with rising costs.
Cost of Living Adjustments Will Not Keep Up With Inflation
The annual Cost-of-Living Adjustment (COLA) is a benefit increase based on projected inflation rates. The idea of increasing benefits based on rising costs makes sense. Unfortunately, the methods used to determine the rate increase do not account for some of the biggest costs to seniors, like skyrocketing Medicare premiums and healthcare costs. COLA is not enough. Something must change.
New Legislation Could Allow Seniors to Receive More of What They Earned.
A bill we call The Greatest Generation Benefits Act would provide a significant increase in Social Security benefits for those age 82 and over. This legislation would give these Americans an additional $85 a month plus a 4 percent increase yearly. We believe that this is the best chance for members of the greatest generation to get what they have earned. If you agree, please take a moment to sign our petition to congress.
To stay up to date on this and more, follow The Greatest Generation on Facebook and Twitter.
