Confidence in government-sponsored retirement benefits is waning with boomers, and more than 40 percent of them say if given the choice, they would stop paying into the Social Security system, according to new data from Sun Life's "Unretirement" Index. Respondents say they would rather not pay the taxes even if it meant they wouldn't be able to receive benefits.
"As American workers approach the traditional retirement age, they increasingly begin to see the value of some component of guaranteed income, whether or not they plan to keep working," said Wes Thompson, President of Sun Life Financial U.S in a statement. "While the drop in the overall Unretirement Index number reflects a decrease in confidence in Social Security, future Index findings will determine the long-term effects of the current economy on American expectations of retirement."
A Sun Life December poll found 54 percent of Americans don't believe Social Security will be available to them at age 67 - most of these were in the 40 to 49 age bracket.