How Longevity Impacts Social Security
As Americans live longer, the likelihood of outliving their retirement savings grows. According to an article by The Street, married couples have a 50 percent chance one partner will live to age 92 and a 25 percent chance one will live to 97. That means most older Americans could see their retirement saving disappear before they die — and Social Security is only meant to be a supplement, not a means of support.
Making matters worse, Social Security faces a dire solvency issue because the number of new retirees outpaces the number of working people. The program will be forced to cut benefits in less than ten years if nothing is done to shore up the system.
The Seniors Trust is committed to improving the financial well-being of older Americans 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.
