“People are getting angry,” she says. “These low COLAs aren’t anywhere near what they need to be.”Mary Johnson, a Social Security and Medicare policy analyst for the The Senior Citizen League quoted in a MarketWatch article 10-7-20
I’d like a big bump in my Social Security, I’d like a COLA on my pension too and if my savings earned a higher interest rate that too would be great.
But what about our children and grandchildren? What about their taxes and inflation created by the current generation spending like drunken sailors?
We seniors have no right to be angry. The generation now collecting Social Security had their shot at earning, spending and saving.
Yes, there are exceptions, there are people who had great misfortune, but they are probably not the ones complaining.
There are also people who were low income all their lives and when you stop working it doesn’t get any better. But those folks often get other forms of assistance.
Now as to the great majority who were middle or upper middle class all their lives. They have no excuse. Aside from the exceptions noted, there is no excuse for retirees not to have sufficient assets to allow them to at least offset the ravages of inflation and they certainly should not be living on SS alone.
The lesson for living within your means after saving for the future is before you.