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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s