With rising costs and low benefit increases, many retirees feel the economic pinch. Covid-19 has made that pinch worse. Adding to that, many seniors were simply unable to save adequately for retirement. Yet, there practical solutions. Despite partisan divides, seniors across the political spectrum agree on the necessity to fix retirement benefits.
A recent article at Business Pro suggests five areas of consensus among seniors. Each of these areas focuses on reinforcing funding for both Social Security and Medicare.
Seniors Agree on How to Fix Retirement Benefits
First, most retirees agree that drug prices are too high. Furthermore, they agree that a solution exists in tying those prices to overseas markets where the prices are lower.
Second, reach a consensus on drug prices. They agree that drug price increases should not exceed the rate of inflation. As with the first case, Congress can take action with wide support.
Next, senior citizens agree that Congress must not allow insurers or healthcare providers to charge fees far higher than fees approved by Medicare. While some legislation supports this concept, seniors don’t believe restrictions have gone far enough.
A fourth way to fix retirement benefits ties into Social Security. Seniors typically believe (83% approval) that Congress should apply the Social Security payroll tax to all earnings. That is, without the current ceiling.
Lastly, retirees agree on COLAs. Not surprisingly, seniors across the board know that their cost-of-living-adjustment increases are too low. Seniors know something isn’t fair here. They know that the cost of living for seniors does not reflect the percentage costs of non-retirees.
NORA believes, however, that the solutions recommended in the article fall short. We promote a stronger yet fairer solution to Social Security recipients’ financial strains.
Another Solution to Bolster Benefits
The Guaranteed 3% COLA for Seniors Act is simple. What the bill promotes is in the name. NORA knows that only with a guaranteed 3% annual increase can seniors adequately plan their budgets. Only if that increase is consistent can they plan for their futures.
In recent years, seniors have endured low or entirely missing COLAs. Many have struggled. Some have lost their homes through no fault of their own. We find this unacceptable.
That is why NORA also campaigns for a retroactive COLA. That is, the 3% guaranteed adjustment should be retroactive to 2010. Only this way can seniors be compensated for the funds they earned during this long period of inadequate COLAs.
If you agree that senior citizens deserve the guaranteed 3% COLA for seniors, it is easier than ever to make your voice heard. Simply sign our Benefit Reimbursement Petition to Congress.
And please, consider sharing our petition with friends and family. Let Congress know that seniors – as well as their families and their friends – stand for fair treatment of America’s retirees!
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