An Investopedia study discovered that one-third of households headed by someone 65 or older have no retirement account or pension. That equates to 11.6 million people. Even more shocking, about 20 percent of older households have no retirement savings and less than $10,000 in financial assets.
These findings come from an analysis of data from the Federal Reserve’s Survey of Consumer Finances, which the magazine describes as “the government’s most detailed inventory of household wealth and the latest available.”
These statistics paint a clear picture that America needs a strong Social Security program.
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.
Please take a moment and sign our petition today to show your support.