Why We Need to Increase Social Security Not Cut It

Social Security is a critical source of income for millions of older Americans. For many, it’s their only source of retirement income. According to an article by The Motley Fool, that’s a huge problem.

You see, Social Security only replaces about 40 percent of your pre-retirement earnings. So, if you earned $50,000 a year while working, you would receive about $20,000 from Social Security once you start collecting benefits — and that could be even less if Social Security has to cut benefits to make up for its growing deficit. And honestly, $20,000 or less is clearly not enough to live comfortably these days.

The Seniors Trust supports the Social Security Expansion Act. This landmark piece of legislation would not only ensure Social Security’s solvency for decades to come, but it would increase benefits substantially. It would start with an immediate $2,400 benefits boost. The bill would also change the way the Social Security cost-of-living adjustment (COLA) is calculated, taking into account the unique expenses facing seniors, and putting more money in their pockets each year.