An estimated 21.8 million senior citizens in America make ends meet solely using their social security funds, The Senior Citizens League (TSCL) said in a June 20 statement.
There are more than 68 million Social Security beneficiaries as of 2024, according to data from the Social Security Administration (SSA).
“Almost two-thirds of seniors who completed the survey said they were dissatisfied with the amount they receive from their monthly Social Security checks,” said the TSCL statement.
Ninety-four percent said the 2025 COLA of 2.5 percent was too low, and their benefits did not keep pace with economic inflation. COLA is an annual adjustment to social security payments made to ensure that benefits keep pace with inflation. The SSA announces the COLA in October every year, which is implemented in the following year.
Moreover, many believe that last year’s actual inflation was considerably higher than the government’s estimate. The Bureau of Labor Statistics estimates 2024 inflation to be 2.9 percent.
Nearly all, or 95 percent, said that reforming Social Security and Medicare should be taken as a top priority by the federal administration and Congress. A majority were in favor of “calculating the COLA with an inflation index that better represents seniors’ economic experiences.”
And I’m one of them! It ain’t easy, I tell you. My wife and I do without a lot of things we need and cut every corner we can and it’s still almost impossible to make ends meets. Sometimes, they don’t.
I feel you 10:10 and it’s only going to get worse. Young people that don’t have the luxury of inheriting a fortune are doomed. The path for the American dream has been stolen by corporate greed.
And government greed