Benefits

Few Believe They’ll Get Social Security Upon Retiring

October 11, 2013 (PLANSPONSOR.com) – Less than one-third (31%) of Americans believe Social Security will still be around when they retire, according to a new survey.

By Kevin McGuinness editors@plansponsor.com | October 11, 2013

The survey, from legal information website FindLaw.com, found a majority of Americans are less than confident they will ever see Social Security checks. When asked if they thought Social Security would still be paying benefits when they retire, 31% of respondents said yes, 30% said no and 39% said they are not sure.

The survey showed faith in Social Security rises as people get older. Among those aged 55 or older, 64% believe they will receive a Social Security check after they retire; only 11% of people between the ages of 18 and 24 expect Social Security to still be around when they retire. For those between 25 and 34, the percentage is 18%; for ages 35 to 44, it is 24%; and for ages 45 to 54, the figure is 29%.

Findings also revealed that the majority of retirees surveyed (56%) say Social Security accounts for more than half of their retirement income. In fact, 36% of retirees say their Social Security check makes up more than 75% of their retirement income or is their sole source of retirement income.

“Our survey found that people have concerns about the future solvency of the Social Security system,” said Stephanie Rahlfs, an attorney-editor with the Eagan, Minnesota-based FindLaw.com. “But, regardless of what the future holds, the reality is that Social Security doesn’t always provide enough income for most people to live comfortably in retirement. Fortunately, there are a number of other ways to save money.”

The survey was conducted using a demographically balanced sample of 1,000 American adults.

More about Social Security and other retirement planning information can be found here.

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