I’d be more than happy to see seniors get a cost-of-living adjustment to their Social Security benefits as soon as younger people receive equal treatment. According to a recent article by The Motley Fool, Obama’s new budget preserves COLA for Social Security. For senior citizens, that means another “pay raise.” I’ve heard numerous senior citizens scoff at their “small” Social Security increases while at the same time complaining that minimum wage shouldn’t be raised for people who are actually working. Some of the aging baby boomers who complain are the same ones who took early retirement, receiving benefits at age 62. Of course their Social Security benefits are low because they locked in at the lowest possible rate. According to The Motley Fool, the typical monthly Social Security benefit is about $1,269 per month. Most people earning minimum wage are happy to bring in $320 a week in income.
Paying for medical care
Receiving a cost-of-living adjustment isn’t going to put a dent in medical expenses for senior citizens with major health issues. The Motley Fool points out a lifetime of health care for the average Social Security recipient can cost $318,800 for someone who lives to be 95. Some experts say that Obamacare depends on healthy young people to make up for the higher costs of the elderly. An article by Freedom Works points out that the younger generation can’t afford entitlement programs for older Americans.
Taking up all the jobs
Another reason why many Social Security recipients don’t need a cost-of-living adjustment is because they aren’t even retired. Many recipients are taking Social Security while also hogging many of the jobs that are desperately needed by Millennials. Some baby boomers take their Social Security as soon as they are eligible but then return to the workplace. At a certain point, it’s time to let the younger generations take their place in the job market so they can actually pay into the system that funds the Social Security money the older people receive.
I personally don’t think there ever needs to be another COLA for Social Security. If anything, the benefits need to be cut 5 percent for people in their 70s and 10 percent for those in their 60s. Younger people need access to a better retirement system that is fair for all the generations. Until there is a major overhaul to the Social Security system, current retirees need to make a few sacrifices and not act as though they are entitled to raises off the backs of younger generations.
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