According to CNBC, Social Security benefits do not provide enough finances for many retirees. Over the past year, prices for prescriptions and groceries have skyrocketed. However, the increasing prices were not met with equally increasing benefit payments.
As if this disparity weren’t bad enough, CNBC reports that benefit payments are unable to cover rent payments for many senior citizens.
Julian Blair, a veteran, retiree, and Washington D.C. resident is quoted explaining that his benefit payment, although a “critical part of [his] income” is unable to “even cover [his] entire rent.”
Sadly, these cases are not unusual. Later in the article, another individual is quoted making similar remarks.
Why This Happens
This disparity is happening for many reasons. One of these reasons is the unfair formula used to calculate cost-of-living adjustments each year. These calculations leave out crucial factors that would provide more accurate adjustments, such as average healthcare costs.
Additionally, retirees are subjected to an influx of rules and regulations regarding their benefit payments. Individuals working after retirement are not to make over a certain threshold, up to 85% of an individual’s Social Security benefits may be taxed as income, etc…
It’s well past time we change how things are done.
Debating Future Changes
During President Biden’s campaign, we heard claims of future changes for Social Security. However, the debate is currently centered on how best to create these large changes the program needs.
Currently, there have been a few proposed bills to help give senior citizens more financial security. And although these proposals are a good place to start, we believe they are not doing enough to guarantee benefits to all senior citizens.
Create Change
The fact is senior citizens deserve better. These proposals are a great start, but they are not enough.
The Senior Citizens Bill of Rights provides senior citizens with seven guarantees surrounding Social Security benefits. To join us in urging politicians in Washington to pass this crucial, groundbreaking bill, make sure to sign our petition.
Then, be sure to follow Senior Security Alliance on Twitter and Facebook for all updates regarding this crucial reform.
