Social Security was designed to provide a financial foundation for retired Americans. But today, the program’s buying power is eroding.
In 1935, when Social Security was created, the average life expectancy was just over 60 years. Today, it is nearly 78 years. That means retirees are receiving benefits for nearly two decades longer than when the program was created.
A survey showed seniors were estimated to spend over $50,000 yearly, and that number has undoubtedly increased due to rising prices. And as explained here, a healthy individual may need to fund up to 30 years of retirement, while a retired couple could need over $330,000 for lifetime medical expenses.
While cost-of-living adjustments (COLAs) are supposed to keep benefits in line with inflation, they have not been enough. Since yearly COLAs are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which does not accurately reflect seniors’ spending habits, seniors are not getting the full picture of inflation.
It’s clear that Social Security’s buying power is diminishing. And that means retirees are increasingly relying on other sources of income, like savings and investments, to make ends meet.
As for us, we’re focused on a two-part solution. The first is restoring the Trust Fund model to safeguard Social Security’s future. The second is removing the tax cap to refill this fund and make retirement fair for all.
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
