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Social Security Expected to Be Primary Retirement
Income for 94 Percent of Seniors
Oct. 6, 2004 – No one doubts Social Security income
is important to retired senior citizens, but a survey says an
astonishing 94 percent expect it to be their primary source of income
during retirement.
It certainly helps explain why so many seniors are
concerned with proposals to allow younger people to invest part of their
Social Security payment in the stock market. Most seniors know that
would put their primary source of income at risk, since current
collections by Social Security fund current payouts.
The research, 2004 Senior Sentiment Survey by
Financial Freedom, earlier this year questioned seniors between the ages
of 62 and 75.
Other sources of income to be important for retired
seniors are ranked below. The percentage represents the percent of
seniors identifying the item as an income source in retirement.
> 56% Income from a pension plan or other
defined benefit plan
> 50% Personal savings and IRA's
> 39% Income from stocks, bonds, mutual funds that are not part
of a 401K or other retirement plan
> 27% Income from a 410K or other defined contribution plan
> 25% Part-time job
> 15% Money from the sale of a home or business
> 9% Inheritance
> 7% Cash payout from an insurance policy
These findings and other senior perspectives are
revealed in the 2004 Senior Sentiment Survey, a study from Financial
Freedom, the nation's largest reverse mortgage lender, that explores the
financial, social and quality of life attitudes of older Americans.
Copyright: SeniorJournal.com |
