Millions of American workers are concerned about what kind of financial safety net they will have when they retire, as fears grow for the future of Social Security.
A huge majority—88 percent—of Americans are counting on Social Security to see them through retirement, saying the payments will be “extremely” or “reasonably” important to them, according to a poll conducted exclusively on behalf of Newsweek.
That same poll found that a majority—60 percent—are “very” concerned that their payments will be reduced before they retire. Another 36 percent said they were “fairly” or “slightly” concerned, and only 4 percent of those polled said they were not at all worried. The survey was conducted by Redfield & Wilton Strategies, which surveyed 1,500 eligible voters on May 31.
Americans are right to be worried, analysts say. The fragile financial state of social programs was laid bare in the annual Social Security and Medicare trustees report released in March. The report forecast that the Social Security trust fund will be depleted in a decade, and is predicted to cover only 77 percent of benefits starting in 2033.
Read more at Newsweek.com
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