Can You Rely Solely on Social Security?

Nearly 54 million people currently receive Social Security benefits. It provides a financial lifeline for many of them who rely on Social Security for their retirement income. But that was not its intention.

An article by Yahoo! Finance reminds us that Social Security was not designed to replace your full income from working. Citing the Social Security Administration, the article points out that “if you claim benefits at your full retirement age, benefits replace about 79 percent of pre-retirement income for very low earners, about 43% for medium earners, and about 28 percent for maximum earners.”

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 cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.