If You’re 75+ This is How Much Your Peers Have in Retirement Savings

It makes sense that the older you get, the less money you have in retirement savings. A recent article by Investopedia, citing the Federal Reserve‘s Survey of Consumer Finances, stated that only 42 percent of Americans ages 75 and older have traditional retirement savings, such as an IRA, 401(k), or similar account. And for those who do, the median balance was about $130,000.

However, many in the 75-plus group receive retirement income from Social Security. The Social Security Administration reports that about 93 percent of Americans age 75 or older receive benefits. As of this past May, the average monthly payment is $2,083, or almost $25,000 a year.

This paints a clear picture of how valuable Social Security is to retirees and why our leaders need to act to secure it for all seniors.

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.