Why This Is Not Your Parents’ Social Security
Many people today think of Social Security as a retirement plan, paying monthly benefits to retired workers. It’s estimated that 40% of seniors rely on it as their sole source of income. But with the average benefit this year being just $1,543 per month, it’s easy to see why so many seniors are struggling financially. Retirees aren’t receiving what they earned.
If you look at the findings of a Yahoo! Finance feature on “The Average Social Security Check the Year You Were Born”, it’s plain to see that seniors may have been facing financial shortfalls for years. The benefit checks your parents, or grandparents, were receiving fall far short, even when accounting for inflation. For example, the average Social Security benefit check in 1950 was $43.86, which equates to $471.54 in today’s dollars.
While it’s certainly promising to see how Social Security checks have grown over the years, the truth is it’s still not enough money to support our seniors. They earned far more. The Seniors Trust has been working diligently to ensure America’s retirees receive enough money to live comfortably – the amount they deserve. We call on Congress to pass the Social Security Expansion Act which would provide an immediate monthly benefit boost, set a new formula for calculating the annual cost-of-living adjustments to take into account the unique spending habits of seniors, and shore up the long-term solvency to ensure Social Security is around for future generations.
