Seniors Need The Greatest Generation Benefits Act to Combat Inflation
Many American seniors do not receive enough Social Security benefits. Unfortunately, it is some of the most vulnerable Americans that face the greatest economic challenges and hardships in retirement. Especially as the nation continues to deal with economic uncertainty, these retirees need a change.
How Seniors Struggle Under the Current Social Security System
Americans spend most of their lives working and often looking forward to retirement. Sadly, many find they don’t have enough to live on after paying into Social Security for decades. This may be hard to believe. That’s because it is truly unbelievable that our citizens can work and sacrifice for years only to be forgotten about in old age. It’s hard to imagine that after paying in for decades, retirees would not get everything they earned. But this is exactly the situation. Many retirees expect Social Security benefits to provide for them only to find out that what they receive is not enough to cover their basic needs.
Does COLA Help Retirees?
The Cost-of-Living Adjustment (COLA) is a very important aspect of Social Security benefits. The problem, however, is that this system does not work as it should and leaves recipients hanging. One of the reasons that many older Americans do not have enough to live on in retirement is the growing problem of inflation. As prices continue to go up, income has to go up too. This means that benefits must increase. While COLA theoretically offers a solution, the increase is not enough to offset rising costs.
How The Greatest Generation Benefits Act Would Change Everything for Seniors
Some of those who suffer the most from low benefits are the Americans who did so much during WWII and Korea. While these members of the greatest generation gave the most, it seems like they get the least. A piece of legislation we call The Greatest Generation Benefits Act would right this wrong. If passed, this bill would increase the monthly benefits of retirees aged 82 and older by $85 a month and automatically boost benefits by 4 percent each year afterward.
How You Can Help Create This Change
These older Americans need to see this change and they need it soon. To accomplish this, however, Congress needs to see that the people support it. We have made the results of our nationwide survey available to them, but we still need help showing that Social Security reform is a priority. You can help so much by signing our petition. Tell Congress it’s time!
To keep up with this legislation and other news, follow us on Facebook and Twitter.