Why One-in-Five Seniors is Dependent on Social Security   

It’s understandable why millions of older Americans say their greatest fear is not having enough money to last their lifetime.

An article by Investopedia reports that about one-in five-households headed by someone 65 or older — that’s about 11.6 million households — has no retirement account or pension and less than $10,000 in financial assets. Statistics show that about half of all households retire without an IRA, 401(k), or pension.

So, it’s easy to understand why millions of seniors are reliant on Social Security. That’s why lawmakers must take action to shore up this critical program.

The Seniors Trust is committed to improving the well-being of older Americans. We are doing that financially by encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.