Active and retired military personnel and senior citizens command profound
respect.
Trying to keep up with Social Security changes can be a lot to digest. Check
this out. In May of this year, the average benefits for Social Security are
around $1,903. This was increased from $1,783 in 2024. That means the typical
senior can expect around $24,000 in annual benefits.
The provisions of Social Security have been changing since the 1930s,
shifting in response to economic worries as well as coverage for the poor,
dependent children, spouses, survivors and the disabled.
Senior citizens should be able to spend the rest of their lives enjoying
their time of retirement without worrying about how to pay for their
necessities.
Now here is something to put more money into your piggy bank about. In the
past 18 months, I have met two separate individuals on separate occasions who
are both 81 years old. These two are currently working different jobs. They are
not working because they want to stay busy; no, they are working because they
have to and need to survive.
After listening to these two different individuals, they share the same
story. They need to work due to the prices of groceries, medications and
utilities, as their Social Security payments cannot keep up with the cost of
living. That's not OK. No person that age should have to work just to
survive.
Social Security is undoubtedly supposed to be a lifesaving financial
lifeline for millions of Americans, but it's far from the easiest program to
keep up with. That's been the case since the first monthly benefits began in
1940, and there's no reason to believe that'll change anytime soon.
Fears of a Social Security shortfall have loomed for decades. I am 50 years
of age and was told when I entered the workforce in the early '90s era that the
funds would be more than likely depleted by the time I retire.
Every dollar matters for everyone, especially those collecting Social
Security. An estimated $2,000 per month—it sounds like a lot, but if you've
ever tried to live off that amount of money, you know it won't get you very
far.
