Chances Are Your Retirement Account is Not Nearly Big Enough

Nearly 53 million people receive Social Security retirement benefits. According to an article by AL.com, for the majority of them, Social Security makes up at least half of their retirement income.

And even more critically, Social Security is the sole source of income for almost 17 million older Americans.

That’s a frightening statistic when you consider that Social Security is facing a funding shortfall and may be forced to cut benefits in the coming years. To get an idea of the implications, the article lists how much money is needed to retire comfortably without Social Security benefits. For most states, seniors will need about $1 million or more. That’s out of reach for most people.

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 ensure the long-term solvency of the Social Security program.