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Jan 28

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Many Workers Believe Social Security will become an Illusion

A survey conducted by the Employee Benefit Research Institute covered a broad range of retirement savings and planning topics.  The 2010 survey is the 20th annual study.  Generally, the current survey showed that record low confidence levels measured during 2008 and 2009 have bottomed out.  Retiree confidence also bottomed out, although there are only 19% of retirees who are confident that they will have a financially secure retirement.   

One area where confidence has not bottomed out involves Social Security.  Highlights of current-year statistics on this subject are:

  1. Only 77% of respondents believed they would receive any social security benefits, meaning almost a quarter of workers thought that Social Security would be worthless to them in terms of any meaningful benefits received.  This is the lowest amount reported for any year. 
  2. Only 30% of workers were very confident or somewhat confident that Social Security would provide benefits at least equal to the value of benefits received by retires today.  A full 37% of workers were not at all confident that Social Security will continue to provide such benefits. 

These statistics reflect reality that has been known for years.  For example, three years ago, we summarized “The Citizen’s Guide to the 2007 Financial Report of the United States Government”.  The report included significant challenges involving Social Security and Medicare.

About the author

David Nolte

I am a founding principal of Fulcrum Inquiry, an accounting and economic consulting firm that performs damage analysis for commercial litigation, forensic accountings, financial investigations, and business valuations. I am a Certified Public Accountant (CPA) and an Accredited Senior Appraiser (ASA), as well as having other professional credentials. I regularly serve as an expert witness involving damages measurement. My litigation-oriented resume is on Fulcrum's website.

Permanent link to this article: http://betweenthenumbers.net/2011/01/many-workers-believe-social-security-will-become-an-illusion/

1 comment

  1. Ollie

    Fine ideas! I have been searching for everything like this for quite a while finally. Regards!

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