Here’s How Much the Average Middle-Class Retiree Receives from Social Security
It’s no wonder so many seniors are struggling financially. According to the Social Security Administration, the average Social Security check is $1,907 this year. Keep in mind, that’s the average benefit of all retired workers. Yahoo! Finance discovered that middle-class retirees receive only $1,867 per month. If they waited until age 70 to claim benefits, their monthly payments would jump to $2,696.
Unfortunately, most retirees don’t have that luxury of waiting because they don’t have enough savings. Housing costs, healthcare and inflation-impacted grocery prices quickly add up, leaving little left for enjoying retirement.
This is why The Seniors Trust is diligently working to improve the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, establish a fair annual cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.
