Friday, August 14, 2015

For Social Security, an Unhappy Birthday

Today is the 80th anniversary of Franklin Roosevelt signing the Social Security Act into law, but for most Americans, it's not a very happy birthday. Most Americans under 50 doubt that they will ever get their Social Security benefits.

Among those Americans aged 30 to 49, just 32 percent think Social Security will eventually pay them a benefit. Younger people are slightly more optimistic; 34 percent of those aged 18 to 20 expect to receive benefits, although 64 percent said they don't expect to receive anything.

While the vast majority of Americans aged 65 and older who are still working do believe they will get their Social Security benefits, 43 percent of current retirees predict that eventually there will be cuts in their benefits. This figure tends to move with the strength of the economy; 56 percent expected such cuts in 2010, but just 32 percent did in 2005.

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