Financial insecurity is a worry for many American seniors. Even though Social Security was designed to provide an economic safety net for older individuals, many retirees struggle to pay bills and put food on the table. Hardworking seniors deserve to retire with financial peace of mind—so why isn’t our government ensure they receive the financial insecurity they earned?
The Facts About Financial Insecurity in Seniors
Just how prevalent is financial insecurity in seniors? According to the National Council on Aging, more than 15 million adults over the age of 65 face financial insecurity. This means that their income is below 200% of the federal poverty level.
The majority of older adults have debt going into retirement. 43% of single and 21% of married individuals rely on Social Security for more than 90% of their income. And finally, older women are more likely to live in poverty than men.
How a Guaranteed COLA Could Help
According to the Social Security Administration, cost-of-living adjustments, or COLAs, are designed to “ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation.”
Greedy politicians justify years with no COLAs by tying benefits increases to inflation. But there’s one issue with that calculation.
Years with no COLAs lead to a snowball effect. When retirees don’t receive an increase one year, that benefits boost that they deserve won’t be reflected in the years to come.
It’s calculated that over the past few years, missing COLAs have led to a debt of $10,970 that seniors are owed. This reimbursement would go a long way in showing the American people that retirees matter.
Sign NORA’s Petition Today
NORA is fighting for older Americans by advocating for The COLA Act of 2021. This piece of legislation would ensure that Social Security beneficiaries receive an increase in their benefits every year. Additionally, we’re calling for a $10,970 reimbursement. It’s not a bonus—it’s what senior citizens deserve.
Do you agree that Social Security beneficiaries should receive a fair COLA every year as well as a $10,970 reimbursement? Sign our petition today! Make your name heard as we fight for seniors in Washington.
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