We Could Soon Be Facing a Surge in Silver Squatters

Forget the “silver tsunami” now we need to worry about so-called “silver squatters.” These are older Americans who are forced to rely on family for housing and financial support. The problem, according to an article by Investopedia, is that older Gen Zers, particularly 55-year-old Americans, are “critically unprepared” for retirement.

Nearly a quarter of this age group think they will need family support during retirement. Citing a study by Prudential Insurance, with only a decade until retirement, they have a median retirement savings of less than $50,000. Making matters worse, this is the “first modern generation to potentially face retirement without full Social Security support, and in many cases, without a defined benefit pension plan.”

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual COLA, increased minimum benefits, and will ensure the long-term solvency of the Social Security program.