Social Security is a concern for many Americans.
Are you worried about the Social Security system?
If yes, then you are in good company.
According to a recent Think Advisor article titled “Older Pre-Retirees Worry a Lot About Social Security: Gallup,” many Americans are concerned about Social Security.
A recent Gallup survey of 1,000 Americans confirmed that all ages have their concerns.
About 44 percent worry a great deal.
About 28 percent classify themselves as worrying a fair amount.
About 17 percent worry only a little.
Just 10 percent say they do not worry.
About half of those between the ages of 50 and 64 have expressed concerns when surveyed by Gallup.
Interestingly, the percentage of "worriers" in this demographic has actually decreased.
Nearly 59 percent worried about Social Security from 2009 to 2013.
About 49 percent of those age 30 to 49 worry a great deal.
Not surprisingly, those with lower incomes tend to worry more than those with higher incomes
Despite Social Security being a concern, it is not the greatest one.
The survey found Social Security to be the 15th greatest concern.
What was the highest?
Health care costs in retirement.
It does little good to merely worry.
Begin planning and preparing for retirement now.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Think Advisor (April 9, 2018) “Older Pre-Retirees Worry a Lot About Social Security: Gallup”