Many senior citizens rely on Social Security during their retirement. And although it is a program with great intentions, there are a few things that must be addressed to help better it.

Purchasing Power Rapidly Declining

One integral pitfall to be addressed is the way Social Security benefits have seen a decline in their purchasing power. As The Motley Fool reports, the annual COLA increases “aren’t designed to help recipients get ahead.”

Rather, these increases are based on the spending habits of urban and clerical workers, many of whom are spending their money very differently than senior citizens.

Because of this, the annual increases have failed to keep beneficiaries on par with inflation.

Take-Home Benefits Threatened By Taxes

Social Security benefits could be taxed as income. This problematic taxation was a solution to a problem years ago. Back in 1983, The Motley Fool notes that Social Security underwent reformations.

Of these reformations was the introduction to the first tier of the income tax on Social Security benefits; the second tier to this taxation was introduced a few years later, allowing up to 85% of an individual’s benefits to be taxed.

Although these reformations were needed before, they are hurting seniors now.

As The Motley Fool notes, these taxes have never been adjusted for inflation. Originally, the tax only affected approximately 10% of beneficiary households. However, without updates to keep up with inflation, nearly half of beneficiary households are now affected.

Help Create A More Beneficial Program

Senior citizens have spent many years in the workforce, earning their right to their Social Security benefits. However, the many pitfalls the Social Security program has that continue to fail our nation’s seniors, it is no wonder that many seniors remain financially insecure.

Senior Security Alliance wants to help. Our bill, The Senior Citizens Bill of Rights, provides seniors with seven rights that help guarantee a more financially secure future for seniors nationwide.