Record High Reliance on Social Security
Social Security has been wildly successful as an anti-poverty program, but it was never intended to become a primary source of income for older Americans. The program only replaces about 40 percent of pre-retirement income. The Gallup Organization’s new survey, however, is raising some alarm bells. Among current retirees, 57% consider Social Security a “major source” of income, with 33% noting it’s a “minor source.” Also, 33% of non-retirees expect Social Security to be a “major source” of income, with 50% proclaiming it’ll be a “minor source.” In this piece by Sean Williams of The Motley Fool, he further explains the poll results and offers some options and suggestions for those approaching retirement. Read full article here.