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.
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.