Almost One-Third of Americans Over 50 Are Not Prepared for Retirement

Most Americans are not prepared for retirement. Citing data from the Federal Reserve, a report by Investopedia shows that three out of ten households in their 50s have no retirement account or pension.

And of those that do have a retirement account, the median balance is about $162,000. That might seem like a nice nest egg, but following the 4 percent rule for retirement withdrawals, that would generate only $6,500 in annual income. This means millions of older Americans will need Social Security retirement income.

That’s a problem because Social Security is facing a funding deficit and will be forced to severely slash benefits in about six years if lawmakers do not act to shore up 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.