How Important Is Social Security To Young Adults?

Posted on November 29, 2017 • Category: Young Talent



25%

The percentage of Americans age 18-29 today
who expect to rely on Social Security, nearly twice the number
in this age group who said so in 2007.

Young, Old in U.S. Plan on Relying More on Social Security

Gallup Analytics, May 25, 2017

WHY IT MATTERS

The focus on retirement planning has become more top-of-mind over the last decade. If younger working adults believe increasingly that Social Security will be important to their retirement, they join many more non-retired older Americans aged 50-64 who believe the same. In 2003, 37% of the older population believed that Social Security would be a major source of their retirement income. Today, that number is 43%.

THE ARIZONA WE HAVE

A new Gallup study looks at changes taking place regarding the importance of Social Security to different age groups. Despite predictions that the Social Security trust fund will run out by the mid-2030s, increasing numbers of younger and older working adults continue to see Social Security as important to their future.

  • Many younger working adults don’t see an option to Social Security given the shrinking retirement benefits available from employers.
  • Older working adults often believe the Social Security trust fund will stretch beyond their retirement years.

A complicating factor is that 32% of U.S. investors say they provide financial assistance to an adult family member – a grown child, parent or both. Sixty-one percent of those who provide help say it hinders their own retirement savings.

Social Security as Major Source of Retirement Income

Download

Quick Facts About Arizonans Receiving Social Security

  • 85% of Arizonans age 65+ receive Social Security.
  • Social Security is the only source of income for 32% of Arizonans age 65+. It makes up 50% or more of the income for 61% of older Arizonans.
  • One in six Arizonans receive Social Security.

AARP, Social Security: 2014 Arizona Quick Facts

Arizona Social Security Beneficiaries

Download

 

OTHER NEWS
25%

The percentage of Americans age 18-29 today who expect to rely on Social Security, nearly twice the number in this age group who said so in 2007.
Young, Old in U.S. Plan on Relying More on Social Security  

Gallup Analytics, May 25, 2017

1 in 6

Arizonans who receive Social Security benefits.
Social Security: 2014 Arizona Quick Facts  

AARP

32%

U.S. investors who provide financial assistance to an adult family member.
A Third of Investors Help Parent or Grown Child Financially  

Gallup Analytics, May 31, 2017