We Don’t Need a Crystal Ball to Predict Social Security Benefits for 2030

Nearly nine out of ten people age 65 or older receive Social Security Benefits, according to an article by MoneyWise. These benefits make up about 30 percent of seniors’ income — and for many older Americans, Social Security is their sole source of retirement income.

The estimated average monthly benefit for all retired workers is currently $1,907. If everything stays on the same track, the average benefit could jump to $2,348 by January 2030. That is not a significant increase when you consider current inflation rates. It looks like retirees will continue to struggle financially in the future.

This is one of the reasons The Seniors Trust supports the Social Security Expansion Act. It would boost monthly benefits to about $200, create a strong and long-lasting trust fund and guarantee that retired workers receive adequate Social Security benefits and a fair Cost-of-Living Adjustment (COLA). You can show your support by signing our petition to Congress.