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Beliefs Range Widely on Social Security Stability
(By – Lee Barney)
Nearly one-third (31%) of Americans think there is a greater than 50% chance they will outlive their savings, according to Northwestern Mutual’s 2015 Planning & Progress study. Additionally, 12% think there is a 100% chance they will outlive their savings, 24% are unsure if their savings will last, and 52% have not taken any steps to address the risk of outliving their savings. Only 22% have increased their savings and just 10% have purchased insurance to mitigate longevity risk.
Just under a third (30%) think it is not at all likely that Social Security will be there for them when they need it, but 52% think it is somewhat likely it will be there. Only 18% think it is extremely likely that Social Security will still be intact when they retire. The vast majority (79%) do not think Social Security will take care of their needs. Read more…