One More Reason Why We Need to Save Social Security
Millions of Americans are set to retire with no savings in the bank. A recent article by MoneyWise pointed out that 90 percent of lower-income workers have nothing saved for their retirement. According to a 2023 report from the Government Accountability Office (GAO), only one in ten low-income workers between the ages of 51 and 64 had a retirement account balance in 2019, compared to one in five in 2007.
These statistics are worrisome. Social Security is facing a serious solvency issue. If nothing happens, it could be forced to slash benefits in less than 10 years. The money so many older Americans have been counting on to sustain them through retirement will be gone.
The Seniors Trust is committed to improving 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, 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 — making sure it is available to all who need it for decades to come.
