Survey Finds Consumers Lack Understanding About Social Security Benefits

Survey Finds Consumers Lack Understanding About Social Security Benefits

A new Nationwide Retirement Institute survey found that nearly two in three (63 percent) future retirees admit they are not confident in their knowledge of Social Security. A quarter of U.S. adults (27 percent) in retirement say their Social Security payment is less than expected, and one in four (26 percent) future retirees believe they can live comfortably in retirement on Social Security alone.

The fifth annual survey from the Nationwide Retirement Institute®, conducted online by The Harris Poll among 1,013 U.S. adults ages 50 or older who are retired, or plan to retire in the next 10 years, finds that over half (55 percent) say Social Security will be their main source of retirement income, followed far behind by just 18 percent of older adults relying on their pension.

“It’s problematic that so many people are planning to rely solely on Social Security for income in retirement,” said Tina Ambrozy, president of sales and distribution at Nationwide. “There’s a major disconnect between what consumers think their Social Security benefit will be – and cover – compared to reality.”