We have all heard that Americans are increasingly unprepared for retirement.  Do you respond with sympathy, because you’re not prepared either?  Or do you scoff because you have sacrificed for all of your working years to diligently sock away the recommended 20%?

If you are not prepared, or even if you are underprepared, you are not alone.  A 2015 study by the Government Accounting Office found that, “about half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA).”  As staggering as this number is, the bigger concern is that among those that do have retirement savings, the median amount is just $104,000 for households under 64 and $148,000 for households above 65, this comes out to $310 and $649 per month.  Bottom line is that the majority of seniors live primarily off of their Social Security income!

Given that, it is even more critical than ever that we fight with all that we have to protect Social Security benefits.