Most current retirees rely on money outside of a 401(k). Young adults won’t have that luxury.
Most retirees rely on retirement income they didn’t personally put away for their futures, although they did work for it. Young adults won’t have that luxury, and they know it, a recent survey found.
Less than a quarter of Generation X expect to use Social Security as a primary source of income, while 16% said pensions and 41% said a 401 or IRA. The survey, conducted by the Harris Poll on behalf of Wells Fargo, interviewed 2,700 working Americans between 18 and 75 years old , and 1,000 retired individuals.
Not everyone believes Social Security will exist in the next few decades, but that’s not true. The two trust funds that support the program are facing insolvency in the next 15 years, but if that were to occur, all beneficiaries would still get benefits — just 80% of the amount they’re owed. Congress has yet to act, but experts say it has never let the program fail.
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