Why Some Seniors Could Go from Middle Class to Impoverished

Millions of Americans rely on — or will rely upon — Social Security for their retirement income. This is concerning when you consider how little the average monthly benefit amount is.

An article by MoneyWise discovered that the average middle-class retiree gets about $1,869 per month (or $22,428 per year) from Social Security. That’s not much higher than the U.S. Department of Health and Human Services’ 2024 poverty line, which is currently $15,060. When you consider that one in five Americans over 50 has nothing saved for retirement it’s clear we could soon see too many impoverished seniors.

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.