Why the Magic Number for Retirement Keeps Increasing

When asked, Americans say the magic number they need to live comfortably during retirement is $1.46 million. A CNBC report says that’s up more than 50 percent since 2020, largely due to increasing cost of living expenses. While the million-dollar retirement account may be a goal, it simply will not happen for the majority of the population. The average person has only $88,400 saved for retirement. This illustrates the importance Social Security will hold for retirees in the future.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits, and this bill will ensure the long-term solvency of the Social Security program.