Will Retirement be a Bust for Baby Boomers?

More than 30 million baby boomers will reach retirement age by 2030. According to an article by MoneyWise, most of these aging boomers have far less in savings than the $1.46 million Americans believe they need to retire comfortably. In fact, the median retirement savings for this group is around $225,000.

That figure probably seems like a small fortune to the millions of older Americans who rely on Social Security alone for their retirement income. This year that’s about $1,907 each month — or a total of $22,884 for the entire year.

But it’s certainly not enough money to sustain an individual. Something needs to be done. The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.