Forty-one percent of seniors that have yet to retire will rely on Social Security as their primary source of income in retirement. The troubling finding, which could be attributed to decimated nest eggs as a result of the financial crisis, was released today as were other results from the United States of Aging Survey.
For this year’s survey, the National Council on Aging, UnitedHealthcare and USA Today surveyed 4,000 adults across the country. The survey included a sample of adults 60 and older as well as a sample of adults 18-59 in order to illuminate dissimilarities between the generations and examine how best to prepare the country for the droves of baby boomers approaching retirement.
Notably, over half of all seniors surveyed reported they are “somewhat” to “very concerned” that their life savings and retirement income will not be sufficient due to longer life expectancy. Longevity risk is rapidly becoming a widely-used term in the lexicon of financial planners, sociologists and seniors alike. As seniors live longer, their savings get whittled down and they may increasingly rely on Social Security as a result.
Even with the prospect of outliving their money, most seniors feel that they will be able to meet their monthly expenses (66 percent) and many expressed excitement and optimism about living a longer life. Being able to watch their grandchildren grow into adulthood, spend time with family and friends and seize an opportunity to use the time to do the things they enjoy were all events they reported looking forward to. And, in order to do all of those things, seniors feel they may need some added assistance from the community.