This is a Common Social Security Misconception Many People Make

Millions of older Americans receive Social Security retirement benefit checks each month. According to an article by The Motley Fool on AOL, one of the biggest — and most dangerous — misconceptions about Social Security is that it will replace your pre-retirement income in full.

In fact, for the average wage earner, Social Security only replaces about 40 percent of your pre-retirement salary, and it’s much less for higher wage earners. This is why it is more important than ever that we do everything in our power to shore up Social Security before insolvency issues force drastic benefit cuts.

The Seniors Trust is committed to improving the lives 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), and increased minimum benefits. This bill will also ensure the long-term solvency of the Social Security program.