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.