Across My Desk: Social Security
According to a recent poll, younger people don't expect much from Social Security.
PLANSPONSOR.com ran this story on August 21, about a recent Wall Street Journal poll. Here's some of what was revealed:
- 88% of those polled said that the government should take the reins in making sure people are ready for retirement.
- 25% said Uncle Sam ought to increase tax breaks for people putting money into personal savings accounts.
- 22% said the government should increase Social Security payments.
- 15% thought the government ought to put pressure on employers to match 401(k) contributions.
- 15% said forcing employers to funnel more money into pension plans was a good idea.
- 49 % of 18-34-year-olds expect to be more reliant on personal savings upon retirement, compared to 32% of those 35-44, 24% of 45-54-year-olds, and 27% of those 55 and older.
- 19% of those 18-34 expect to rely on Social Security money in their retirement compared to 35% of those 55 and older.
I say forget the polls and save, save then save some more. Living life is very expensive at every age and every stage.
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