Seniors Will Need a Social Security Increase Next Year
As we approach the new year, our thoughts often turn to what the future holds. This is generally an optimistic time where we look eagerly to what may be in store for us. Unfortunately, 2020 has thrown a few curveballs, and we are probably all approaching with a little more caution. One thing about the coming year is certain. Seniors are going to need more to get by than what Social Security is providing now.
The Next Social Security Increase Needs to Cover Cost of Living
With inflation, the baseline cost of living increases every year. The annual COLA is intended to account for this, however, this “Cost Of Living Adjustment” has been far too low for far too long. The COLA for 2021 is especially small. Some argue that inflation was low in 2020 because of Covid-19 and suggest that such a small Social Security increase is justified. Supporters of The Greatest Generation Benefits Act feel differently. The global pandemic has caused economic distress for millions of Americans. Of course, we are hopeful that the situation will improve in 2021, but when it does, we cannot ignore the financial challenges ahead. When we find ourselves with a higher cost of living while still recovering from the impact of Covid, many seniors will suffer.
How “The Greatest Generation Benefits Act” Can Help
Our proposed legislation would help seniors with an immediate benefits increase. Furthermore, it would ensure a significant COLA for every year after. Under this plan, Americans over age 82 (the Greatest Generation) would receive an additional $85 per month and a four percent increase annually. This change in Social Security would make a world of difference for older Americans in need.
How You Can Help
We are working hard with our partners in Capitol Hill to get this bill passed, but we need help. Change only happens when enough people demand it. The more voices speaking in support of our seniors, the more we will be heard. If you believe the generation that gave so much deserves more, please sign our petition. That’s not all. We ask you to do one more thing. Tell your friends. Take a moment to share on Facebook and Twitter so we can build support for this worthy cause.
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