Next to declining health requiring long-term care, middle-class Americans’ greatest retirement fears are outliving their savings and that Social Security will be severely reduced or cease to exist. That was the finding of a study by the Transamerica Center for Retirement Studies.
An article by Investopedia says those fears are warranted when you consider that many retirees say the annual Social Security cost-of-living adjustments (COLAs) haven’t kept up with real-world costs, especially for big expenses seniors face, such as healthcare and housing. Senior advocates estimate retirees have lost significant buying power over the past 15 years, “leading to widespread sentiment that 2.8 percent ‘isn’t enough’ amid rising essentials.”
Council of Seniors Wants to Give Retirees More Money
Because the chance of seeing a substantial COLA in the future is unlikely, all of us here at the Council of Seniors are working hard to get Congress to passThe SAVE Benefits Act. This crucial bill will put $581 back in seniors’ pockets to make up for Social Security cost-of-living adjustments that were far too low for years.
Greedy Washington politicians are using retirees’ hard-earned money in other ways, but we’re dedicated to giving it back to those who are rightfully entitled to it.
Please take a moment and sign our petition today to show your support.