More Proof That Current Social Security Benefits Are Clearly Not Large Enough

The average Social Security retirement benefit this year is about $1,900 per month. That barely makes a dent in the budget when you consider that the average American age 65 and older spends $4,345 each month, according to the Bureau of Labor Statistics. MoneyWise looked into senior spending and found that housing, transportation, health care, and food make up the bulk of their monthly expenses.

Unfortunately, those are costs most people can’t cut out. That is why we need to do more to increase Social Security benefits.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. Not only will it increase minimum benefits, but this landmark piece of legislation will give retirees an immediate benefits increase of about $200 a month, ensure solvency for decades to come, and establish a fair annual cost-of-living adjustment (COLA).