Is $1 Million Really Enough to Retire?

Years ago, people dreamed of retiring as millionaires. But the sad truth is, $1 million doesn’t go as far as it used to. In fact, an article by USA Today says it won’t even last 20 years.

It cites the results of a GOBankingRates analysis that found that “an average retiree will spend $1 million in less than 20 years in every state… And longevity research suggests many Americans will survive for at least 20 years after retiring.”  

Even more distressing, the Survey of Consumer Finances found that the average retiree household (ages 65-75) has only $200,000 in retirement accounts. So, it’s easy to see why so many seniors are struggling financially, especially those who rely solely on Social Security.

The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.