Blame the Old Folks…

There are only a few days of the year I dwell on my age. I really don’t feel any different than my younger days, but that mirror reminds me of the truth.

“My attitude towards age is best summed up by Philip James Bailey: “It matters not how long we live but how.”

That said, I heard something the other day I could not get out of my head about those with my own advanced age: 25% of the U.S. population receives some Social Security benefit.

Retirees by far make up the largest percentage (75%) of those benefits given and each year receive a “COLA” or Cost of Living Adjustment. This year’s increase was 8.7%. That means more than 20% of the U.S. population received an almost 9% income raise. You could look at this as a positive to keep people afloat or just rewarding those who are living longer that have paid into the system.

The flip side of that argument is that the (COLA) raise only adds to the mountain of debt the country already has. It’s not like we will give seniors less money in the future.

If you add all the future retirees at these new benefit levels, it doesn’t seem possible to get this under control unless we truly reform the program by either lowering benefits, extending the age to receive, increase the contributions or a combination of some of these ideas.

You are probably hearing every day about our politicians dealing with a debt ceiling raise to keep our government operating by borrowing yet more money. Some tough decisions need to be made for the country to pay its debts in the short and medium term and I get that.

We have spent that money and the credit card is maxed. But whatever the temporary solution is, it’s only a band aid for the real problem.

Dealing with “old folks”, of which I am one, is the real issue. We are the problem and we know it.

Let’s hope that issue is addressed sooner rather than later so our children can have the great life this country has already given us.