Inflation is real. To help keep up, Social Security has an annual cost-of-living adjustment (COLA). The problem is that seniors are spending more each month than they are receiving in benefits.
According to a report by AOL, the average monthly benefit for a retired worker is about $2,070, which equates to about $24,850 per year. However, data from the Consumer Expenditure Survey found that “U.S. households headed by someone 65 or older spend roughly $60,000 per year, about $5,000 per month, on housing, food, transportation, health care, and other essentials.”
Social Security retirement benefits are barely half of what retirees really need. It’s clear that something needs to be done so seniors can stop struggling financially.
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.