Why is Social Security Reform Important?
Social Security is supposed to provide for recipients in need. Unfortunately, those who rely on these benefits, typically do not receive enough to cover the cost of living. Social Security reform is needed to help many Americans, especially older seniors, to afford their daily expenses.
What is Social Security?
Social Security provides benefits including disability, survivor benefits, and retirement. This should allow those who are unable to generate sufficient income through work to still have the financial resources they need. Of course, everyone’s needs are different. Even so, these benefits should help Americans in need to achieve financial security.
Why Are Benefits Too Low for Seniors?
Retirement income is an important issue for many older Americans. Without sufficient savings or external income, many seniors struggle to pay their bills. Regular daily expenses can be a challenge on such a limited budget. When emergencies and unexpected expenses arise, things get even worse. Older Americans are more likely to have higher medical expenses than younger individuals. On average, seniors also spend more on medication than their younger counterparts.
The biggest issue that affects seniors when it comes to Social Security benefits is the fact that Social Security does not keep up with inflation or rising costs. The Cost of Living Adjustment (COLA) is supposed to address this issue, but it fails to be enough year after year. The problem is that COLA is based on projected inflation rates that do not take into consideration the actual expenses of the typical senior. For example, the COLA for 2021 was only 1.3 percent. This is significantly less than the average increase in medication costs for many of the most common medicines seniors rely on.
How a Social Security Reform Can Help Older Americans
Social Security reform is the best option to help older Americans achieve financial stability. Furthermore, it is unacceptable that Americans who spent their lives working, do not get the benefits they earned. We support the passage of a bill we call The Greatest Generation Benefits Act. This legislation would increase benefits for Americans over age 82 by $85 a month and an additional 4 percent every year after. Please sign our petition to let Congress know it is time for a change. Follow us on Twitter and Facebook for the latest updates.
