Many Americans expect to depend on Social Security as a significant source of income after they retire, according to a new survey.
The survey, by the Retirement Corporation of America Inc., Cincinnati, found 23% intend to rely on Social Security as their main source of income in retirement.
Only 31% believe their savings, mutual funds or individual retirement accounts will be the primary source of their income. The survey also found 61% of nonretired Americans believe they will need to save $500,000 or more by the time they retire, while 59% believe that they are likely to reach their savings goals.
Survey respondents were split in their views about retirement age. While 25% do not plan to retire at all, another 25% plan to retire between the ages of 51 to 60, and 36% plan to retire between 61 and 69.
The survey also found 70% say they are saving or investing some of their income regularly. Only 38% say they are saving or investing enough.