The Single Most Important Thing You Need to Know About Social Security
For as big as Social Security is, it’s equally complex. Despite the Social Security Administration’s best efforts to educate recipients, including publishing a guide to Understanding the Benefits, many people are still baffled.
As The Motley Fool reports, “Social Security is a complicated benefits program, but there is one major thing you need to know about it: benefits are designed to only replace about 40% of pre-retirement income.” When the program was established, Social Security benefits were designed to work in conjunction with both a pension and savings.
When you consider that the average monthly Social Security retirement benefit, as of this past April, was only $1,785.94, it’s clear to see that is not enough for most people to live, especially when you consider the rising cost of housing, healthcare, and groceries.
The Seniors Trust is working diligently to expand Social Security. We feel the best way to do this is through the passage of the Social Security Expansion Act. This landmark bill will increase monthly benefits by $200, create a better cost-of-living adjustment (COLA) calculator that takes into account the expenses impacting seniors the most, and buttress the long-term solvency of Social Security.
