Too Heavy Reliance on Social Security for Retirement

(NBC) Many Americans are relying too heavily on social security when estimating their future income.

That’s according to a survey released today by AARP and the Financial Planning Association.

The study reveals roughly half of consumers ages 45 to 64 expect social security will be a major source of their household retirement income.

While 94 percent of certified financial planners say most of their clients will rely on social security for half or less of their retirement income.

That means the average consumer seems to assume social security will cover a much larger portion of income than financial planners would estimate.

That assumption leaves many with less incentive to aggressively save on their own.

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