Millions of Older Americans Are Counting on Social Security

In less than 10 years, Social Security will no longer be able to pay full benefits. That’s scary when you consider how many seniors are counting on this for their retirement income. According to an article by MoneyWise, a large number of older Americans have not saved anything for retirement. It cites an AARP study that found 20 percent of Americans age 50 and older have no retirement savings and a U.S. Government Accountability Office report that 32 percent of households with workers age 55 and older had no savings for retirement.

This clearly illustrates why it is so urgent that we shore up Social Security’s solvency problem so that it can continue to pay retirees the benefits they’ve earned and are counting on.

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 cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.