Why Social Security Recipients Might Soon be Forced to Move

Social Security’s trust fund reserves are expected to run dry in about 10 years. At that time, it will no longer be able to pay full benefits and monthly retirement benefits could be slashed drastically. As GO Banking Rates points out, that’s bad news for many retirees.

For one in seven retirees, Social Security provides at least 90 percent of their retirement income. When the Social Security cuts come many of these people may be forced to move. That’s because, according to the report, there are 10 states where residents will no longer be able to afford to live off Social Security alone. They are Hawaii, California, New York, Massachusetts, Maryland, New Jersey, New Hampshire, Connecticut, Washington, and Florida.

It’s clear something needs to be done now to protect Social Security’s 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 $200 per month (average) benefits increase, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.