Retirement Insecurity: Americans Losing Faith in Social Security

A recent survey by Allianz Life revealed that 74% of Americans no longer consider Social Security a reliable source of income in retirement, and 88% believe it is critical to have another source of guaranteed income beyond these benefits to have a comfortable retirement. The survey also found that inflation and rising costs are causing concern for Americans, with 78% citing this as a concern, and 66% worried that it will be too late to have a comfortable retirement if they don't increase their retirement savings soon. Gen Xers were found to be the most worried about their long-term financial stability and retirement.