Over Half Of Future Retirees Will Rely On Social Security As Their Main Source Of Retirement Income
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The fifth annual survey from the
"It's problematic that so many people are planning to rely solely on
Eligibility and benefit misconceptions
Most older adults think they are eligible for
Future retirees also expect to receive
There are also key differences between how future retirees anticipate spending their
Consumers' social insecurity
A third of future retirees plan to draw
However, retired Americans who decided to draw early report doing so to pay living expenses (52 percent) and to supplement their income (43 percent). Other reasons retirees draw early include being laid off or unemployed (24 percent), having no other source of income (22 percent) and because of health issues (16 percent).
Tools for maximizing benefits
Concerningly, nearly nine in 10 (88 percent) older adults don't know what factors determine the maximum
"One of the best ways people can understand what their benefits will cover, and how they can maximize them, is by consulting a professional for advice," Ambrozy added.
However, only 13 percent of older adults say they have a financial advisor who provides them
It's easy to see why. Those working with a financial advisor report receiving over 20 percent more in
Most current retirees getting
"
To help advisors start conversations with clients about important claiming decisions, Nationwide's free
See how to make the most of your
About the survey
The 2018
About The Harris Poll
The Harris Poll is one of the longest running surveys in the
About Nationwide
Nationwide, a Fortune 100 company based in
1 Trends in
This material is not a recommendation to buy, sell, hold, or rollover any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.
This information is general in nature and is not intended to be tax, legal, accounting or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency.
NFM-17448AO
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