Scrimping and saving aren’t enough anymore. Inflation is still high, and we are edging closer to Social Security insolvency. When that happens, retirees will see their benefit payments slashed. This is worrisome.
According to an article by MLive, nearly 60 percent of seniors “worry that rising costs will force them to dip into their retirement savings earlier than expected.”
If lawmakers cannot come up with a plan to solve the Social Security solvency issue, benefits will be cut by over 20 percent in just a few years. The article notes that should that happen, “73 percent of seniors say they would struggle to pay monthly bills, 68% would cut back on food or groceries, and 52 percent would skip or delay medical care or prescriptions.”
Council of Seniors Is Here To Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here are Council of Seniors want to improve retirees’ financial futures — and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.