“39% of adults in their 70s view Social Security as ‘a lifeline’,” by Lois A. Bowers, McKnight’s Senior Living
“Thirty-nine percent of respondents to a new survey who were aged 70 to 79 said they plan to rely on Social Security in retirement ‘a lot, as a lifeline to keep me afloat,’ suggesting both challenges and opportunities ahead for senior living operators. An additional one-third (33%) in that age group who participated in TD Ameritrade’s ‘Road to Retirement Survey’ said they plan to rely on Social Security ‘some,’ and 27% said ‘a little, as a cushion when I need it.’ Only 1% said they did not plan to rely on Social Security at all.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
These people are going to be in a world of hurt when Social Security has to cut back benefits by 23% in 2035, or sooner. Some interesting findings from this survey go beyond this article’s Social Security lead. Click through to read more.