The ‘Magic Number’ for Retirement is Still Out of Reach for Most Retirees
Retiring comfortably is out of the question for most Americans. MarketWatch reported on the findings of a Northwestern Mutual study that found that $1.26 million is the “magic number” Americans think they will need to retire comfortably. That’s $200,000 less than last year, but it’s still a huge amount of money.
Concerning is the fact that most Americans rely on Social Security for their retirement income. According to the Social Security Administration, “about half of the population aged 65 or older live in households that receive at least 50 percent of their family income from Social Security benefits, and about 25 percent of aged households rely on Social Security benefits for at least 90 percent of their family income.”
This discrepancy shines the spotlight on why something must be done now to boost benefits and ensure Social Security solvency. Too many Americans rely on this vital program.
The Seniors Trust believes the best option is for Congress to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
