Why it’s Important to Manage Social Security Expectations

A recent study by Nationwide on retirement revealed that more than a third of retirees reported receiving less in Social Security benefits than they expected. This is problematic because, according to an article by MoneyWise, Social Security is facing a severe funding shortfall — and if nothing is done to fix it, benefits will be cut dramatically.

In fact, it’s projected that Social Security retirement benefits would be cut by 23 percent. That equates to about $17,400 less for a typical newly retired dual-income couple.  

As the article points out, that could spell big trouble for seniors who count on Social Security to ease their financial burdens. This is why The Seniors Trust is diligently working to improve 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, establish a fair annual cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.