Millions of American retirees will get a 1.6 % cost-of-living increase next year from Social Security, which translates to $24 per month for the average retired worker, according to estimates released Thursday by the Social Security Administration. We're happy to see the increase, but we would like to see them work together to find a way to provide a larger increase.
Seniors and advocates complain that the formula used to determine the annual adjustment doesn't adequately reflect their costs, mainly for health care, according to The Associated Press.
Roughly half of seniors live in households where Social Security benefits provide at least half the total income, AP states. The adjustment affects household budgets for about 1 in 5 Americans, nearly 70 million people, and that includes Social Security recipients, disabled veterans and federal retirees. With the adjustment, the estimated average monthly Social Security payment for a retired worker will be $1,503 a month, starting in January.
When you add up rent, food, medical care, prescriptions and other basic needs, it's very difficult for anyone on Social Security to get by.
Polling shows Americans have doubts about the future of Social Security.
Democrats are trying to convince older people they are on their side when it comes to Social Security. Republicans have resisted expanding Social Security, pointing out it won't have enough money to pay full benefits starting in 2035.
This is another issue that Democrats and Republicans should work together to solve. As the 2020 election gets closer, voters will want to know what presidential candidates will do.
We are anxious to see them work together to solve this problem and find more money for Social Security.