More than 75% of Americans who were surveyed said that Social Security will be a vital part of their retirement funding. Approximately 90% say that as a result of the recession, Social Security is more important to them than ever before since it can provide the security of a dependable income. This finding is significant in that some 30 million American citizens are expected to retire within the next 10 years.
In a survey of almost 1,500 adults conducted by the Benenson Strategy Group, 90% of the people they surveyed said that they were concerned about Social Securitie's ability to pay benefits for the next generation. Only 44% of people surveyed not presently receiving retirement benefits expressed confidence that Social Security would be available when they retire.
Of the people currently receiving monthly benefits, more than 90% said that it was an important part of their monthly income. Some 70% indicated that the funds were extremely important, while approximately 45% of beneficiaries suggested that without the monthly funds they would not be able to afford some of their basic living expenses.
For more information from this survey see: Reno, Virginia P. and Joni Lavery (2009). Economic Crisis Fuels Support for Social Security: Americans' Views on Social Security, Washington, DC: National Academy of Social Insurance, August.
Express your thoughts to your congressmen and make financial preparations for your own retirement by saving or investing as much as possible.