TULSA, Okla. — 70% of Gen-Xers fear they won’t have Social Security retirement benefits to help fund their retirement years.
A new LendingTree study finds 38% of Americans reduced retirements contributions this year leaving them more vulnerable to being under-funded in retirement.
The study found 59% of working Americans fear Social Security won’t last and 62% of non-retired American say they’ll never be able to retire without it. It jumps to 71% for Gen-Xers.
“It’s clear that an awful lot of people are really worried that Social Security isn’t going to be around,” said Matt Schulz with LendingTree. “And if it is around, they’re worried that it won’t be enough to, to actually support them in retirement.”
Heather Desonnaville said, “I know for my husband and I personally we aren’t counting on that. We’re just trying to save as much as we can for retirement on our own.”
While out for a stroll on the River Parks trail, she and her daughter told 2 News they’re making alternative plans to pay for retirement. For instance, Desonnaville’s husband already started a side business even though he works a regular job as well.
“I have been told that I need to start a Roth IRA now,” Easton Taite said. “I’ve been hearing a lot that people are concerned that it’s (Social Security) going away completely.”
“The reality is,” said Schulz, “Social Security isn’t going away altogether. I think that that risk is pretty low, but if we’re talking about reduced benefits, that could be something that happens. Then it, it’s going to change an awful lot of people’s lives and retirement plans.”
Desonnaville said she’s prepared whether or not Social Security is there when she retires. “If it works out great – if not, uhh we’ll work longer.”
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