Americans Lack Knowledge About Social Security Benefits in Retirement
Yet, Allianz Life Study finds most Americans have worries about the future of the program.
KEY FINDINGS:
-
57% worry that
Social Security will not be available throughout the entirety of their retirement -
53% say they do not know much about
Social Security or how it will fit into their retirement plan -
Only 22% of those with a financial professional have talked to them about their worry that
Social Security will run out of money
While
More than half (53%) of Americans say they do not know much about
Hispanic respondents (63%) were more likely than Asian/Asian American (56%), white (54%), and Black/African Americans (47%) to say they do not know much about
“It’s worrisome that so many Americans don’t know how
Knowledge gaps about
Most Americans (53%) say they are not sure when it will be best for them to start taking
Just 44% of Americans say they have a plan for how they will take
Americans also have unrealistic expectations for their transition into retirement. Even though many younger Americans plan to work past
Worry about the future of
Americans worry that changes to their
“Regardless of what happens in the future,
Still, few have discussed these concerns with a financial professional. Just 22% of Americans who have a financial professional say they have talked to them about their worry that
Yet, the majority of Americans (60%) would like to talk with a financial professional about their concern that
*Allianz Life conducted the 2024 Annual Retirement Study online survey in February and
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