Seventy-one percent of seniors believe their financial situation will be negatively impacted without an increase to their Social Security benefits next year, reveals a new poll from the Insured Retirement Institute (www.irionline.org).
The findings underscore the essential role Social Security plays in the lives of seniors across America. According to IRI, because 78 percent of the respondents were retired and out of the workforce, “they are more likely to be living on a fixed income, and are reliant on Social Security as a primary source of retirement income.”
Cathy Weatherford, president and CEO of IRI, responded to the findings saying, “The promise of Social Security is diminishing, and now more than ever, retirees and those nearing retirement are being forced to rethink their retirement situation. I would urge all Americans to increase their personal stake in their retirement planning through insured retirement strategies.” Weatherford added, “Doing so is the most reliable means to guarantee monthly checks throughout retirement.”
The IRI is a non-profit organization dedicated to promoting and educating consumers about retirement planning practices.