Seniors in 41 States Will Likely Outlive Their Retirement Savings

Several recent surveys show that Americans fear outliving their retirement savings. That’s becoming more of a reality as expenses continue to climb. According to an article by USA Today, the average retiree faces a $115,000 shortfall based on a report by Seniorly, a senior living technology company.

The research found that seniors living in 41 states plus Washington, D.C., are projected to outlive their savings. Only those living in Washington, Utah, Montana, Colorado, Iowa, Minnesota, Maryland, Kansas, and South Carolina are expected to have a surplus of savings — and in some states, it will be tight with only a few thousand dollars to spare.

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