Americans Are Falling Short on Their Retirement Savings
Nowadays, many people think you need to be a millionaire to retire comfortably. A Yahoo! Finance article says even that might not be enough. It cites a 2025 Northwestern Mutual survey that found “most Americans think the magic number is $1.26 million.”
The problem is that amount is unattainable for most people. The article cites a Congressional Research Service analysis of 2022 Federal Reserve data, which showed that “only 4.6 percent of American households had more than $1 million in their retirement accounts.” That same data showed that the median retirement savings account has only $88,000. Clearly, Americans are falling short.
The Seniors Trust is committed to improving the financial well-being of older Americans 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 ensure the long-term solvency of the Social Security program.
