Full retirement age is now 67. So, you would think that by the time you’re in your 50s, you would be building a nest egg for retirement. But that’s not the case for many Americans.
Citing data from the Federal Reserve, a report by Investopedia states that three out of ten households in their 50s have no retirement account or pension. And of those that do have a retirement account, the median balance is about $162,000.
Millions of retirees will need Social Security benefits to get by after they stop working. That’s a problem because the program is facing a funding deficit and will be forced to severely slash benefits in about six years if lawmakers do not act to shore up Social Security.
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.