Given the notion that 65 is the typical retirement age, how much money do you think most seniors have left after age 75?
According to an article by Investopedia, the median retirement account balance for Americans 75 and older is $130,000, having been at $200,000 during the previous 10 years. Even more startling, more than half of Americans age 75 or older have no personal retirement savings, such as an IRA or 401(k).
This is why so many older Americans are reliant on Social Security. According to Social Security Administration data, about 93 percent of Americans age 75 or older receive benefits, with the average monthly payment being $2,083, or almost $25,000 a year. No wonder so many seniors struggle financially.
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits, to help offset years of inadequate cost-of-living adjustments.
According to the Council of Seniors’ Executive Director Barbara Godwin, “For years, seniors have watched their Social Security checks fail to stretch as far as they should, while the cost of everyday essentials keeps climbing. This legislation is a straightforward, targeted way to help make up for cost-of-living adjustments (COLAs) that didn’t reflect what retired Americans were actually paying to get by.”
Please take a moment and sign our petition today to show your support.