Older Americans not counting on Social Security solvency: survey

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www.socialsecurity.gov
www.socialsecurity.gov

New research from Gallup indicates potential problems for providers whose residents count on Social Security to pay for housing and services.

Thirty percent of those aged 50 to 64 years aren't counting on receiving benefits from Social Security, according to new Gallup research.

When the opinions of all other workers are factored in, the amount increases to 51 percent. Those aged fewer than 50 years are among the biggest doubters, according to Gallup, which notes that those older than 50 believe that any impending changes to Social Security benefit levels or eligibility would not affect them.

The findings are based on surveys conducted in July and August. Other results:

  • Only 6 percent of those aged 65 or more years believe that they won't receive Social Security benefits.
  • 43 percent of current retirees expect that their benefits will be cut in the future.
  • When asked whether the Social Security system is in crisis, has major problems, has minor problems or does not have any problems, the most common response from those aged 50 to 64 years as well as those aged 65 or more years was that the system is facing major problems (51 and 48 percent, respectively). The next most frequent response from members of those age groups was that the system is facing minor problems (24 and 32 percent, respectively).

Gallup says that the findings are “a major economic red flag because Social Security is by far the most relied-upon source of income for retirees,” especially as companies eliminate traditional pensions. Addressing issues with Social Security would improve the overall U.S. economy, Gallup maintains. The organization recommends that Americans “pressure their elected officials.”

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