Why Baby Boomers are so Reliant on Social Security

Baby boomers are entering peak retirement age, but that doesn’t mean most of them can afford to stop working. According to a story by Fox Business, “over half of boomers have less than $250,000 saved and plan to rely mostly on Social Security for income.” That’s a drop in the bucket compared to the $1.5 million most Americans think they will need in the bank to retire comfortably.

And things don’t look much brighter for Gen X. About 20 percent of adults 50 years of age and older have no retirement savings.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the 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), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.