Posted on November 29, 2017 • Category: Young Talent
25%
The percentage of Americans age 18-29 today
who expect to rely on Social Security, nearly twice the number
in this age group who said so in 2007.
Young, Old in U.S. Plan on Relying More on Social Security
Gallup Analytics, May 25, 2017
The focus on retirement planning has become more top-of-mind over the last decade. If younger working adults believe increasingly that Social Security will be important to their retirement, they join many more non-retired older Americans aged 50-64 who believe the same. In 2003, 37% of the older population believed that Social Security would be a major source of their retirement income. Today, that number is 43%.
A new Gallup study looks at changes taking place regarding the importance of Social Security to different age groups. Despite predictions that the Social Security trust fund will run out by the mid-2030s, increasing numbers of younger and older working adults continue to see Social Security as important to their future.
A complicating factor is that 32% of U.S. investors say they provide financial assistance to an adult family member – a grown child, parent or both. Sixty-one percent of those who provide help say it hinders their own retirement savings.
AARP, Social Security: 2014 Arizona Quick Facts
| 25% |
The percentage of Americans age 18-29 today who expect to rely on Social Security, nearly twice the number in this age group who said so in 2007. |
| 1 in 6 |
Arizonans who receive Social Security benefits. |
| 32% |
U.S. investors who provide financial assistance to an adult family member. |
