Social Security retirement benefits are supposed to help older Americans to afford the things they need. The fact is, however, that these benefits do not go near far enough for the average senior. Retirees can not be expected to live on an unlivable income. This is a real problem. The question is, what are we going to do about it?
How Does Social Security Work?
Social Security is a system in which Americans pay in throughout their lives so that when they need help, the funds will be there for them. We pay into Social Security with every paycheck. We pay into Social Security for years, and when it is time to draw retirement, we should get what we earned through a lifetime of work, right? Unfortunately, many Americans are not getting what they earned.
Do Benefits Increase With Inflation?
Social Security does see an annual potential increase based on inflation. COLA (Cost of Living Adjustment) is announced in the fall every year. This estimation goes off of projected inflation rates to determine a percentage increase for the following year. Sadly, these increases are never enough to keep up with actual costs to seniors.
Why Are Retirement Benefits So Low?
Social Security Benefits are low for a couple of reasons. For one, the estimated inflation rate does not account for things like medicare premium increases and rising medication costs for seniors. Another important issue is the lack of meaningful change to our Social Security system. While Americans continue to suffer, no significant action has occurred. It is time to change this.
How Can Retirees Get More Out of Social Security?
We believe that all Americans should get what they earned. Furthermore, we believe that those who gave the most should not receive the least. That is why we encourage Congress to pass a bill we call The Greatest Generation Benefits Act. This legislation would create long-term change for many older Americans. Please take a moment to learn more and sign our petition.