Social Security is a crucial source of income for many senior citizens. Unfortunately, it is not enough. In fact, Social Security benefits have decreased in their purchasing power over the past few years. This must be resolved.

Why COLA Doesn’t Help

Seniors nationwide have been rejoicing the news of the largest COLA in decades. But no matter how much the COLA is set to increase Social Security payments, it won’t be enough.

The formula used to calculate the annual increases to beneficiary payments is not designed to help recipients get the full benefit they earned.

Rather, it’s tethered to data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). By using this as the inflationary measure, Social Security relies on data based on the spending habits of urban and clerical workers.

These spending habits are different from the spending habits of senior citizens. In fact, there are many other expenses seniors have that are not accounted for using this formula. These expenses include the ever-increasing costs of healthcare and prescriptions.

40% of senior citizens rely on their benefit payments during retirement—and that’s why it’s essential to ensure they get every penny they’ve earned!

How We Can Help

Seniors deserve more financial protection; they deserve to have guaranteed benefits that will accurately increase with inflation, as well as guarantees that their income will not be affected by other things like ridiculous taxes.

That’s why Senior Security Alliance supports The Senior Citizens Bill of Rights. This bill will strengthen retirement benefits and improve the financial security for senior citizens throughout the nation.

How you ask? Well, this bill will help in many ways. Specifically, the bill will increase benefit payments, end taxation on benefits, ensure benefits are never cut, and provide seniors with more financial security throughout retirement.

Learn more about this bill and how you can help ensure the protection of Social Security benefits for retirees now.