Nearly two-thirds of seniors are unhappy with Social Security checks

Nearly two-thirds of retirees are dissatisfied with Social Security benefits, according to a new survey conducted by The Senior Citizens League (TSCL).

The average monthly Social Security check reached north of $2,000 this year, according to the survey, with just 10% of the 1,920 respondents saying they were satisfied with that amount. Roughly 63% reported being dissatisfied and 27% were neutral, according to Newsweek.

“Part of the problem is the near-disappearance of pensions for private sector employees, which means seniors are increasingly reliant on Social Security to fund their retirement expenses,” Chris Motola, financial analyst at NationalBusinessCapital.com, told the outlet.

Nearly 73% of seniors depend on Social Security for more than half their income, with 39% of respondents reporting that it was their sole source of retirement income.

The cost-of-living adjustments haven’t kept pace with the actual inflation incurred by seniors, the TSCL survey found.

“In particular, housing and transportation costs have increased faster than inflation over the last 15 years, which is especially difficult for seniors who rent their homes or live in areas with low walkability,” the report reads.

Reverse mortgage lenders for years have been beating the drum that a Home Equity Conversion Mortgage (HECM) product could benefit seniors struggling with increased costs and fixed incomes.

Finance of America debuted a new advertising campaign in April focusing on financial flexibility and quality of life. And Longbridge Financial, the second-largest proprietary reverse lender, expanded its product suite in June with a new home equity line of credit option for seniors 62 and older. The new product allows borrowers to access between $50,000 and $400,000 per draw at a fixed rate, depending on factors like home value, lien position, title, credit profile, verified income amount and available equity at the time of application.

There are more flexible qualification criteria designed to allow for fixed-income sources like retirement or disability benefits; an “open-ended credit line” that allows borrowers to draw between 80% and 100% of available funds at a fixed rate; and an option to “redraw any paid-down principal payments up to a maximum number of 25 draws over a 10-year period.”

The product does not include a preset maturity date.