Most personal finance blogs are written by 20 and 30-year-olds. Many regularly proclaim that they are not relying on Social Security for retirement because they don’t expect it to be there for them.
Besides, these bloggers don’t reflect the majority view on Social Security reliance. A recent AARP survey reveals that 76% of adults intend to rely on Social Security in retirement. Even in the 18-29 age segment, 62% are counting on Social Security. Many workers are willing to pay more payroll taxes now to sustain Social Security benefit levels in the future.
A common theme among the skeptics is that Social Security is an entitlement program that is not financially sustainable into the future. Those that study the issue carefully would disagree. One example is from a recent report of the Economic Policy Institute. Although some work needs to be done to improve funding, the idea that the Social Security retirement system will crash and burn completely is ridiculous.
Here is the link to the full article about the AARP study: Americans of all Ages Plan to Rely on Social Security.
I’m counting on Social Security when we retire, although not exclusively. Are you?