The Cost of Retiring is Going Up – Are You Prepared?

Here’s more evidence that the cost of living is taking a toll on seniors:

Yahoo! Finance reported on the results of a survey by Clever Real Estate. It asked retirees how much money they think new retirees will need in investments and savings to live comfortably during retirement. Their answer was $823,800.

But here’s the most shocking part — the same survey a year prior said one would need $580,310 for a comfortable retirement. That’s a jump of almost $250,000 in just one year.

The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. This landmark bill will give retirees an immediate benefits increase of about $200 a month, establish a fair annual cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.