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Retirement is a fantasy for many

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NEW YORK (MainStreet) — While one-third of the middle class say Social Security will be their primary source of income in retirement, in future years that number may increase significantly.

“If Congress reduces the benefits of offering and contributing to retirement savings, fewer people will save,” said Brian Graff, CEO and Executive Director of the American Society of Pension Professionals & Actuaries (ASPPA). “The result is more of tomorrow’s retirees will need to turn to the government for help and that will mean more federal spending.”

Between 2000 and 2009, employers contributed almost $3.5 trillion to public and private retirement plans, according to the Coalition to Protect Retirement. However, changes to current incentives could adversely affect employer-sponsored plans, contributions and the retirement security of millions of Americans.