How to Stretch Your Social Security Benefits Check
Did you know that almost one-quarter of American seniors rely on their Social Security benefits for almost all of their retirement income? Considering the average monthly benefit is only $1543 this year, that means millions of retirees are struggling financially.
Not only is that NOT right – seniors should NOT be living in poverty – it’s NOT fair. Whether seniors depend on their Social Security to survive or not, they worked hard and paid their taxes. They should be able to enjoy their retirement years and not stress about how to make ends meet.
The Social Security Expansion Act will put an end to this strife. This landmark piece of legislation seeks to increase monthly benefits by about $65 on average, establish a fair cost-of-living adjustment (COLA) based on the unique spending habits of seniors so that the rising costs of healthcare won’t be such a financial burden, increase minimum benefits to reduce senior poverty, and ensure the long-term solvency of the Social Security program to ensure it’s there for ALL retirees – today and tomorrow.
The Seniors Trust has made it our mission to ensure passage of this bill. We believe American seniors who worked long, hard years faithfully contributing to the Social Security Trust Fund should NEVER be forced to sacrifice, pinch pennies, or go without basic necessities. Even worse, experts predict the Social Security Trust Fund will deplete its surplus in the next ten to 15 years. At that time, benefits could be cut about 25%. We must ACT NOW to protect this vital program – and that starts with passage of the Social Security Expansion Act.
Money Saving Tips
In the meantime, until Congress acts to increase Social Security benefits, recipients need to do all they can to stretch their benefit dollars. Yahoo! Finance came up with a list of discounts and perks seniors can take advantage of:
Enjoy free entertainment – Look for museums and galleries that offer free admission or attend a free outdoor concert. If you live in a college town, check to see which lectures are open to the public.
Seek out senior discounts – Some restaurants offer discounts of up to 25% off for seniors and many stores offer similar discounts or have special senior days with discounted prices.
Enjoy the great outdoors – Staying active doesn’t need to cost money. You can take a stroll around your neighborhood or, if you’re more active, hike a local nature trail. Biking is another excellent – and free – way to exercise and enjoy your community.
Go back to school – Many colleges and universities let local seniors take classes for free thanks to tuition waivers or allow retirees to audit classes at no charge. Auditing means you can attend classes and lectures, but you don’t earn credits for the classes – but you also don’t need to take tests or do homework if you are auditing the class.
Retirees would not need to seek out freebies and discounts if they received bigger Social Security benefits. A poll by The Seniors Trust shows near unanimous support, with 99.67% of respondents saying that Congress should pass The Social Security Expansion Act giving seniors a $65 monthly benefits increase and a guaranteed annual COLA.
