"Survey Reveals Growing Reliance on Social Security for Retirement Plans"

A recent survey by Nationwide reveals that a growing number of older adults have no retirement plan beyond Social Security, with 21% of adults aged 50 or older relying solely on Social Security income, up from 13% in 2014. The survey also found that more respondents doubt they will receive their full Social Security benefits, with 75% believing that Social Security will run out of funding in their lifetime. Additionally, only 8% of respondents understood how to maximize their Social Security benefits. Misconceptions about Social Security were prevalent, including misconceptions about the full retirement age and the impact of filing early. Younger Americans were less optimistic about Social Security, with many believing they won't receive any benefits and planning to continue working in retirement.