Things have gotten out of control. It might sound crazy, but new figures show $1 million is no longer enough to get you through retirement. An article by USA Today says it won’t even last 20 years.
A GOBankingRates analysis found that “an average retiree will spend $1 million in less than 20 years in every state… And longevity research suggests many Americans will survive for at least 20 years after retiring.”
As if that isn’t stressful enough, the Survey of Consumer Finances found that the average retiree household (ages 65-75) has only $200,000 in retirement accounts. Far short of the $1 million many people think you need to retire comfortably.
Council of Seniors is Here to Help Older Americans
Seniors should not struggle. Older Americans worked long and hard and deserve to live a comfortable retirement.
All of us here are 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.