The article emphasizes the reliance of millions of older Americans on Social Security as a primary source of income in retirement. Highlighting significant flaws in the program, particularly in the calculation of cost-of-living adjustments (COLAs), it calls attention to how the existing formula fails to adequately address the actual spending patterns and inflation impacts faced by seniors. Lawmakers are urged to prioritize policy changes to enhance the financial security of retirees, especially those who depend entirely on Social Security checks.
The challenge arises from the fact that the current formula for calculating Cost-of-Living Adjustments (COLAs) does not adequately reflect the spending habits and needs of seniors.
Many older Americans rely solely on Social Security, but the program’s current metrics leave many struggling to maintain their purchasing power in an unstable economy.
Collection
[
|
...
]