Outliving your savings is a fear many retirees have. It’s understandable when you consider that the median retirement account balance for Americans ages 75 and older is $130,000. That’s according to an article by Investopedia.
Even more alarming, the Federal Reserve‘s Survey of Consumer Finances stated that only 42 percent of Americans ages 75 and older have traditional retirement savings, such as an IRA, 401(k), or similar account. The majority rely on Social Security. According to the Social Security Administration, 93 percent of Americans age 75-plus receive benefits. The average monthly payment is $2,083, or almost $25,000 a year.
No wonder so many seniors are struggling financially.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.