The average Social Security benefit for retired workers is $1,543 per month in 2021. That’s woefully low, especially when you see how much money retirees in other countries receive. The United States ranks near the bottom third of developed countries in the percentage of an average worker’s earnings replaced by a public pension program – in our case, Social Security. The Organisation for Economic Cooperation and Development found that the U.S. ranked below the average of 49%, coming in slightly under 40%. Interestingly, the highest-ranking country was Italy, and the lowest ranking was the United Kingdom.
This is just one more reason that we must pass the Social Security Expansion Act. The Seniors Trust is working to enact this landmark piece of legislation that seeks to expand and strengthen benefits proven to reduce senior poverty and improve retirement security. You can show your support by signing our petition to Congress to improve the lives of senior citizens.