Can You Afford to Retire?

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Do you have enough money to retire? If you are relying primarily on Social Security, then the answer is probably “No”.

An interesting article by The Motley Fool reported that, according to the Social Security Administration, the Social Security program was designed to replace about 40% of your pre-retirement income (for the average wage earner). Considering the typical household headed by an adult age 65 or older spends a bit over $50,000 per year and the average Social Security benefit is approximately $18,000 per year, Social Security falls short. It covers only about 36.3% of the average retiree’s household expenses. For most seniors, their Social Security benefits are simply not enough money to live securely – let alone live comfortably.

The Seniors Trust is working hard to increase benefits for America’s retirees and protect their financial future. This can be accomplished with passage of the Social Security Expansion Act. Please show your support by messaging us with your comments!