Why Worries Over Social Security Solvency Are Hurting Seniors

It’s a widely known fact that waiting until you turn 70 will give you the biggest Social Security benefit payments possible. As CNBC explains, that’s because, for every year you wait after reaching full retirement age (FRA), 8 percent is added to your Social Security benefits.

However, a new survey by Schroders, an asset management company, found that just 10 percent of non-retired Americans plan to wait that long to start collecting their monthly benefit checks. They discovered that the main reason people plan to claim early, cited by 44 percent of respondents, is concern that Social Security may run out of money and stop making payments. Experts predict that could happen in about 10 years.

The Seniors Trust believes America’s retirees worked hard and deserve their full benefits. We want Congress to enact the Social Security Expansion Act. This landmark bill buttresses the long-term solvency of Social Security by expanding benefits for seniors — not cutting them. In addition, this legislation expands Social Security benefits by $200 per month across the board. You can help make this a reality by signing our petition to Congress and joining us as we work to improve the lives of senior citizens.