Survey reveals nearly half of workers aged 55+ expect $25,000 annual benefits to cover most retirement needs amid savings shortfalls.
A new survey shows 41% of workers aged 55 and older plan to depend primarily on Social Security for retirement income, despite average annual benefits of $25,000. The figure highlights a growing reliance on the program as savings fall short for many Americans.
Over 70% of surveyed workers report being off track with retirement savings, while 46% have deprioritized or halted contributions. Rising living costs, inflation, and competing financial demands are cited as key reasons for the savings gap.
Experts warn the trend reflects both an education and savings gap, as workers may underestimate the role of Social Security in a broader retirement plan. The survey underscores the strain on household finances as essential expenses consume paychecks.