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Benefits August 15, 2013
Employees Less Likely to Expect Social Security Income
August 15, 2013 (PLANSPONSOR.com) – Employees today are less likely to expect Social Security in retirement, according to findings from the Employee Benefit Research Institute (EBRI).
Reported by Kevin McGuinness
The “2013 Retirement Confidence Survey,” released earlier this year (see “Saving for Retirement Easier Said Than Done”), revealed employees are less likely to expect this income (77%) than today’s retirees are to report having this income (93%). They are also half as likely to expect Social Security to be a major share of their income in retirement (33%) as retirees are to say that Social Security is a major share of their income (70%).
EBRI research has shown 60% of Americans who are currently age 65 or older received at least 75% of their income from Social Security.
Additional findings from the survey, including expanded information regarding worker and retiree sentiments and experience regarding Social Security and Medicare, can be found here.