How Much Money Does It Really Take to Retire?

The United States is not a country of millionaires. Yet, according to a story by Yahoo! Finance, most people think you need $1 million in retirement savings. The truth is only 10 percent of Americans have accumulated that much wealth. For the vast majority, their nest egg is substantially less.

One study cited in the article found that the median amount Americans have saved is only $134,000 for those 65 to 74 years old and $83,000 for those 75 and older. This makes it abundantly clear that something needs to be done — and fast — to secure Social Security solvency because a great majority of America’s retirees really need those monthly benefit checks.

The Seniors Trust is committed to improving 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, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.