Why the Retirement Nest Egg is a Thing of the Past

The idea of retiring with a sizable nest egg appears to be a thing of the past. According to an article by Moneywise, one in four Americans has nothing saved for retirement — this includes current retirees. The median savings of persons reaching retirement age is $90,000, and even when you add in high-income earners the average retirement savings is only $256,000.

It’s clear to see that in the coming years, more and more retirees will need Social Security retirement income. That’s why The Seniors Trust is doing everything in its power to ensure Congress enacts The Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate benefits increase of about $200 a month, provide a fair annual cost-of-living adjustment (COLA), and increase minimum benefits. This bill will also ensure the long-term solvency of the Social Security program — making sure it is available to all who need it.