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Survey Points to Concerns Over Social Security’s Future
A survey conducted last month by Allianz Life Insurance Company of North America confirms what many are waking up to: Americans have a diminishing hope for Social Security’s role in their retirment financing plans. No real surprise there, since for decades now the annual reports to Congress program’s Trustees have contained warnings that Social Security’s cash reserves face depletion in the not-too-distant future and now, at a point that’s uncomfortably close.
Perhaps the most telling indicator of survey respondents’ perspectives on the future of this massive senior benefit program is that nearly three quarters “say they can’t count on Social Security benefits when planning retirement income,” while even more–88%–believe guaranteed income sources beyond Social Security are required to ensure a comfortable retirement.
Over 1000 age 18+ respondents across the nation participated in the survey, a summary of which you can access here. Fox Business reporter Nora Colomer also offers an analysis of the survey findings, and you can check that out here.