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FindLaw Survey Reveals Social Security Concerns

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By Aditi Mukherji, JD on October 11, 2013 10:44 AM

About 30 percent of American adults do not believe that Social Security will still be around when they retire, according to a new survey from FindLaw.com.

The largest percentage of respondents -- about 39 percent -- say they're not sure, leaving a mere 31 percent expressing confidence in the future of Social Security.

Regardless of what the future holds, the survey reminds us all about the necessity of planning ahead for your golden years.

Age Breakdown

The FindLaw survey reveals that faith in the future of Social Security increases with age. The following percentages express those who expect Social Security to still be around when they retire:

  • 18-24 years old: 11 percent
  • 25-34 years old: 18 percent
  • 35-44 years old: 24 percent
  • 45-54 years old: 29 percent
  • 55+ years old: 64 percent

Reliance on Social Security

Of those who participated in the FindLaw survey, many people who are currently retired say that they rely on their Social Security checks.

The majority of retirees surveyed (56 percent) say that Social Security accounts more than half of their retirement income.

In fact, 36 percent of retirees say that their Social Security check makes up more than 75 percent of their retirement income or is their sole source of retirement income, according to FindLaw's survey.

Retirement Planning Is Essential

Given the rising cost of living, even if the future of Social Security is secure for years to come, the reality is that Social Security income often falls short of fully covering a retiree's living expenses.

Supplementing Social Security with your own savings can take much of the guesswork out of retirement planning. Getting guidance from a Social Security attorney or estate planning attorney is one way to learn about the wide range of tax, investment, and estate-planning tools that may be available to preserve assets for your retirement.

For more information on Social Security benefits and other retirement planning resources, check out FindLaw's Social Security and Retirement Planning section.

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