Is the End of Social Security Nigh?

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The vast majority of Americans are less than confident that they will ever see Social Security checks, with only 3 in 10 American adults believe that Social Security will still be around when they retire, according to a new survey. Americans are fairly split in their opinions, with roughly equal percentages believing they likely will or will not receive Social Security when they retire. The largest percentage – about 39 percent – say they’re not sure.

Do you think Social Security will still be paying benefits when you retire?

Yes 31%
No 30%
Not sure 39%

Not surprisingly, faith in Social Security rises as people get older. Only 11 percent of people between the ages of 18 and 24 expect Social Security to still be around when they retire, But even among middle-aged people, less than one-third expect to receive Social Security checks.

18-24 yrs. 11%
25-34 yrs. 18%
35-44 yrs. 24%
45-54 yrs. 29%
55+ yrs. 64%

People who are currently retired rely on their Social Security checks. The majority of retirees surveyed (56%) say that Social Security accounts more than half of their retirement income. In fact, 36 percent of retirees say their Social Security check makes up more than 75 percent of their retirement income or is their sole source of retirement income.

Regardless of the outcome with regards to Social Security, the reality is that Social Security does not necessarily translate to sufficient income for most people to live comfortably in retirement. It pays to be financial wise, not just in being thrifty, but also in investments.

From: Findlaw

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