Why the Fear of Outliving Your Retirement Savings is Real
Countless surveys reveal that Americans fear running out of money in retirement more than they fear death itself. An article by U.S.A. Today says that fear may be warranted.
That’s because a recent report by CareScout found that the average American at age 65 faces a retirement shortfall of $109,000. That’s calculated as the difference between how much retirement income they can expect, from Social Security and other savings, and how much they will spend in everyday expenses.
The report found American retirees are likely to outlive their savings in 41 states. There are nine states where retirees can expect a surplus — Washington, New Hampshire, Colorado, Nebraska, Idaho, Minnesota, Utah, Maryland and Montana. Although most of them will need to keep to a tight budget because the retirement surplus ranges from $19,000 to $276,000.
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.
