NonRetired Americans More Likely to Plan on Relying on Social Security
Since 2001, young and old nonretired Americans are more likely to plan on using Social Security as a main source of income in retirement, according to a Gallup survey. But, views of those in their middle ages -- from 30 to 49 -- remain unchanged.
For the Economy and Personal Finance survey, Gallup interviewed 18,000 Americans from 2001-2017.
The survey found over the past 16 years, younger Americans’, 18 to 29 years of age, and older Americans’, 50 to 64 years of age, projected reliance on Social Security in retirement has increased over the past 16 years. The Gallup survey also found that despite the Great Recession, a majority of retirees say Social Security is a major source of income in their retirement.
Gallup says the takeaway from the survey is while the future of the Social Security system is uncertain, Americans have become more likely to say they plan to rely on Social Security as a major source of retirement income. That means the Social Security system needs to be fixed, otherwise many American workers may be in for a shock.