A recent survey shows that 87% of retirees are counting on Social Security as their primary source of retirement income.
The Employee Benefit Research Institute poll shows too many workers may be putting faith in a program that will likely face a critical funding gap in coming years. Because Social Security relies on taxes collected from businesses and workers through payrolls, the growing number of aging Baby Boomers who no longer work could draw more money out of the program than what’s coming in.
This situation should motivate today’s workers to have a backup plan that relies on other savings and investments to supplement what’s paid to them through Social Security.
Council of Seniors Wants You to Get the Most From Social Security
Ample retirement income should be a focus of everyone’s financial plan. That’s why the Council of Seniors is committed to getting Congress to pass The SAVE Benefits Act. This legislative effort is designed to make up for the Social Security cost of living adjustment (COLA) that’s been inadequate in recent years. Under this proposed bill, retirees will be reimbursed the $581 that should have come to them all along.
Signing our petition will demonstrate to DC politicians the growing support for this effort. Your active help in returning this money to seniors will mean a great deal to our ultimate success and your future.
Did you overestimate how much you’d get from Social Security? Leave us a comment and let us know!