33% Say Social Security Will Be Primary Retirement Income

For 80% of Americans, they will rely on Social Security substantially or somewhat.

With the 80th Anniversary of Social Security occurring on August 14, AARP conducted a survey of 1,200 adults about their views on the program.

One-third, 33%, said Social Security will be the source of income they will rely on most during their retirement. Eighty-percent said they plan to rely on Social Security either in a substantial way or somewhat.

However, 65% are worried that Social Security will not be enough on which they can exist. Sixty-eight percent expressed concern that they will not have enough savings to last their lifetime, and 69% fear that a major health expense could wipe them out financially.

Sixty-six percent said Social Security is one of the most important government programs, and this increases to 90% among adults younger than 30. Among those younger than 30, 85% want to know it will be there when they retire.

Eighty-five percent believe it is extremely important to be able to live independently in their home for as long as they want. However, 64% are afraid they won’t be able to do so. While 68% feel it is extremely important to have family around, 80% want to be self-sufficient so they won’t have to depend on their children or relatives for financial support.

Many adults express difficulty saving, with 69% saying they have to focus on their current financial needs, and 47% saying they don’t have enough money left to save after they have paid their bills. Nearly four in 10 (39%) have faced a major health need in their family that has set them back.

GfK Roper conducted the survey for AARP between June 4 and June 28.

Northwestern Mutual recently conducted a survey about Social Security that found nearly one-third (30%) of Americans think it is not at all likely Social Security will be there for them when they need it.