What Older Americans Fear More Than Dying
As people get older and approach retirement, you would think mortality would be top of mind and how to live a long and healthy life. But, according to an article by MoneyWise, almost two-thirds of Americans say they are more concerned about outliving their savings than dying. Concerns over inflation and Social Security are contributing to that fear. This is why it is critically important that our lawmakers work to expand Social Security and ensure benefits keep up with rising inflation.
The Seniors Trust believes the best bet to shore up Social Security is for lawmakers to enact the Social Security Expansion Act, which would fund bigger benefits by lifting the cap on Social Security taxes and ensuring that the wealthiest Americans pay a fairer amount in relation to their income.
This landmark piece of legislation will also establish a fairer Social Security cost-of-living adjustment (COLA) by using the Consumer Price Index for the Elderly (CPI-E) instead of the Consumer Price Index for Urban Wage Earners (CPI-W) used currently. The CPI-E takes the unique spending habits of seniors into account — particularly regarding the cost of healthcare — and offers a more realistic COLA for retirees.
