It’s not just recent college grads feeling the impact of the housing crisis. A recent report by MoneyLion shows that retirees are spending the bulk of their Social Security income on rent — leaving little for food and other necessities.
The article states that the average retired worker receives about $2089 per month from Social Security, but the average U.S. apartment rent is $1,773 per month. That leaves about $316 for groceries and other bills. It’s crazy to think seniors are spending 85 percent of their income on rent alone.
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.