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Social Security Seems to be Playing a Greater Role in Finances of the Newly-Retired
A recent survey by the Employee Benefit Research Institute (EBRI) revealed that younger retirees–those who entered retirement at ages 62 and 63–depend on Social Security for about two-thirds of their income, compared to about half for retirees now in their mid-seventies. This may be an indication of the impact of disappearing corporate pensions, coupled with the lack of savings accumulated by younger folks, but either way, it points to the potential for a financial crisis given the long-term problems facing Social Security. Check out USA Today personal finance writer Daniel de Visé post today for more information on this matter.
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