Retirement Spending Versus Benefits Don’t Equate

Ask any retiree, and they’ll agree that Social Security does not keep up with inflation despite the annual cost-of-living adjustment (COLA).

According to a report by AOL, the average monthly benefit for a retired worker is about $2,070, which equates to about $24,850 per year. However, data from the Consumer Expenditure Survey found that “U.S. households headed by someone 65 or older spend roughly $60,000 per year, about $5,000 per month, on housing, food, transportation, health care, and other essentials.”

It’s clear that something needs to be done so seniors can stop struggling financially.

The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.