Inflation Hammering Retirees Harder Than Anyone Else – and Seniors Are Struggling
With gas and grocery prices going up at an alarming rate, many retirees are struggling to make ends meet. As Barron’s reports, these post-pandemic price increases are taking a toll on seniors living off of fixed incomes. Making matters worse is the higher costs of housing and healthcare, two expenses that typically affect retirees more than the regular population. That’s one of the many reasons that senior advocates, like The Seniors Trust, have been calling for Social Security to adopt the Consumer Price Index for the Elderly (CPI-E) when it comes to calculating Social Security’s annual cost of living adjustment (COLA). It more fairly accounts for the higher costs unique to seniors.
When you consider the average retiree receives about $1,500 a month in Social Security benefits, it’s plain to see why so many seniors are struggling financially. That’s why The Guardian says there is growing bipartisan support for Social Security reform.
One of the best options is passage of the Social Security Expansion Act. It will increase monthly benefits by about $65, establish a better COLA formula based on the CPI-E, and shore up America’s Social Security program to ensure its long-term solvency. If this is something you can get behind, please sign our petition calling on Congress to pass this important piece of legislation.