MINNEAPOLIS – April 10, 2023 – The majority of Americans don’t think they can depend on Social Security for retirement income and worry about their long-term financial stability, according to the 2023 1Q Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life).
Nearly three in four (74%) say they can’t count on Social Security benefits when planning retirement income. At the same time, 88% say it is critical to have another source of guaranteed income beyond Social Security benefits in order to have a comfortable retirement.
Wow‼️ Just wow‼️
Misinformation abounds. Of course we can count on Social Security for a portion of retirement income just as was intended. Gee, only 88% think other income is necessary? Wonder where the 12% have their heads?
If you have an average income your working life, Social Security will provide about 40% income replacement in retirement. See for yourself here. Your job is to makeup the balance needed. I say that means 60%, but most planners say you only need another 30-40% additional income replacement.
QUINNSCOMMENTARY 
Sorry, I am one of those 74%.
For decades Social Security has been warning Congress to fix Social Security. I cannot count on the promised benefit amount. I do believe that the politicians will do something at the last minute to avoid angry retirees but I have been warned repeatedly by Social Security for more than a decade that I may only get between 75% to 80% in 2034 (give or take a percent and year). This appears on you pre-retirement Social Security personalized statements. Therefore, I have always planned on not having Social Security since before the band-aid was placed on Social Security in the 1980s.
You are shocked that only 88% of the people realize that they need other sources of retirement income. I am amazed that that number is so high. To hear some special interest groups and social media complain that retirees cannot live on Social Security, one might think that you were supposed to be able to live on Social Security alone which was never, ever true.
I also agree that you need 60% or more in other income besides what you think you might get from Social Security.
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Not even our politicians are dumb enough to screw up SS. Not only will it be there for everyone, I predict benefits will be raise at least for lower income. There are many easy ways to make it sustainable. For example, anyone who begins to collect having earned the maximum taxable amount for the five years before retirement does not ever receive a COLA. Several relatively minor changes can fix the system.
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You may be overestimating our politicians…
“…it was his objective to phase out Social Security. Lee said he will “pull it up by the roots and get rid of it.”
“People who advise me politically always tell me that’s dangerous and I tell them ‘in that case, it’s not worth my running,’” Lee said in the 2010 video. “That’s why I’m doing this, to get rid of that. Medicare and Medicaid are the same sort and need to be pulled up.”
To be fair, Mike Lee later said that was taken out of context. Somehow. But he’s not alone.
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