Did you know that Social Security benefits are a key source of finances throughout retirement? It’s true; in fact, Social Security is so important, that more than half of retired workers claim it as a “major source” of their income. And if that weren’t enough, another 34 percent of retirees claim Social Security to be a minor source of their monthly income.
In other words, almost 90 percebt of retirees throughout the nation depend on their Social Security benefits. Unfortunately, many of these individuals are teetering into financial insecurity.
What Happened?
After a long, hard year filled with brutal inflation, senior citizens have seen their fixed monthly incomes lose more and more buying power. Even with the 5.9 percent cost-of-living adjustment (COLA) provided for 2022, senior citizens’ income has continuously been outpaced by inflating prices on necessities.
This is why our bill is so essential. This groundbreaking proposal provides senior citizens with the financial security they deserve. Read on to learn more.
What is Our Bill?
Our bill, The Senior Citizens Bill of Rights, provides retirees with seven essential guarantees. These guarantees allow for more financial security; additionally, these guarantees would help improve the buying power of Social Security benefits.
Specifically, our bill demands COLA calculations take into account, not only spending habits seen over the past year but also healthcare costs. Healthcare is a major financial investment for senior citizens. It’s no secret that, as our bodies age, we need to pay more attention to our health.
That is why this guarantee is essential. Healthcare costs should never rise faster than retirees can keep up with.
Another guarantee our bill provides is ensured, full benefit payments to all beneficiaries. This is essential when considering the future of Social Security.
Find Out More
Senior Security Alliance understands how hard it can be for senior citizens to achieve financial comfort; we also know that retirees deserve more. Senior citizens nationwide are lacking the financial security they deserve.
