Do You Expect to Rely on Social Security?

How do you plan to pay the bills in retirement? If you hope to rely on government funds, you’re not alone: The percentage of non-retired Americans who say they expect Social Security to be a major source of income during retirement is on the rise.

Over the past two decades, that figure has grown from 25% to 35%, according to data from Gallup. At the same time, the percentage of those who didn’t think Social Security would be a factor in their retirement income at all has fallen, sliding from 18% in 2004 to 13% in 2024.

Perhaps the most unsettling thing about these findings is the underlying fear that retirement benefits may not be there when people need them. The Social Security trust fund is forecast to be depleted by 2033; without congressional action, eligible participants would only receive an estimated 79% of their benefits at that point.

So what does this mean for the roughly 4.1 million Americans who retire each year? It’s increasingly important to take ownership of your retirement future. That could include:

• Maximizing your annual 401(k) contributions
• Preparing a Roth conversion to reduce your required minimum distributions
• Establishing an annuity to guarantee fixed income

No matter what your plan looks like, you can take steps now to ensure you’re well-positioned regardless of what the future holds. 

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