This is How Quickly Retirement Accounts Dwindle

By the time you reach your mid-70s, you most likely are no longer working and contributing to your retirement savings. In fact, you are probably draining that account.

According to an article by Investopedia, the median retirement account balance for Americans 75 and older is $130,000, having been at $200,000 during the previous 10 years. Even more startling, more than half of Americans age 75 or older have no personal retirement savings, such as an IRA or 401(k).

This is why so many older Americans are reliant on Social Security. According to Social Security Administration data, about 93 percent of Americans age 75 or older receive benefits, with the average monthly payment being $2,083, or almost $25,000 a year.

The Seniors Trust is committed to improving the well-being of older Americans. We are doing that financially by encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation 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.