Social Insecurity

Americans of all ages feel uncertain about the long-term prospects of Social Security and the strains it's putting on our country. Of those surveyed, 60 percent fear for the future of the program, 45 percent are frustrated by its prospects, 15 percent are optimistic and only 5 percent feel secure.

 

Schwab's Rethinking Retirement Survey polled representatives of Generation Y (ages 13-31), Generation X (ages 32-43), Baby Boomers (ages 44-62) and the Silent Generation (ages 63-83). Here's what we heard:

 

Americans of all ages are fearful and frustrated – not secure – about the future of Social Security, according to those surveyed.
Q: How do you feel about the future of our country's Social Security program? Total Gen Y Gen X Baby Boomers Silent Generation
Fearful 60% 54% 66% 62% 58%
Frustrated 45% 49% 46% 46% 43%
Optimistic 15% 13% 10% 13% 20%
Secure 5% 6% 3% 5% 9%
None of these 7% 11% 5% 5% 4%

 

Medical expenses are a major retirement  worry, according to the survey.
Q: When you think about your financial security during retirement, which of the following are you most worried about? Total Gen Y Gen X Baby Boomers Silent Generation
Medical expenses not covered by insurance 36% 29% 33% 40% 42%
Lack of personal savings 23% 27% 26% 22% 18%
Living longer than I expected and outliving my money 20% 18% 16% 18% 25%
Lack of Social Security 17% 21% 21% 16% 10%
Lack of company pension 4% 5% 3% 3% 4%

 

Americans surveyed want to fix Social Security, not ditch it.
Q: Do you feel that Social Security as it currently exists... Total Gen Y Gen X Baby Boomers Silent Generation
Needs a significant overhaul 64% 69% 72% 65% 50%
Can be fixed with some relatively minor changes 29% 23% 20% 30% 44%
Is in good shape 4% 4% 3% 3% 4%
Should be discontinued 3% 4% 5% 2% 2%

 

Younger survey-takers were more willing to reduce their Social Security benefits to provide funds for others.
Q: I would be willing to get a bit less Social Security in my retirement to ensure there are adequate funds for other generations. Total Gen Y Gen X Baby Boomers Silent Generation
Strongly agree 6% 8% 7% 5% 4%
Somewhat agree 38% 47% 44% 37% 24%
Somewhat disagree 34% 34% 31% 34% 34%
Strongly disagree 21% 11% 18% 24% 38%

 

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