According to the Nationwide Retirement Institute® 2024 Social Security Survey, a surprising number of Gen-Z (63%) and Millennials (52%) believe that Social Security will cover their basic needs in retirement. Those statistics are very different from Gen X (36%) and older Americans (38%). These generations are much less optimistic about relying on Social Security alone.
Younger generations, especially Gen Z and Millennials, appear more optimistic about Social Security as a stable income source. This may simply stem from less experience with inflation and Social Security. They may also be more optimistic about future reforms to the program.
Meanwhile, Gen X and Baby Boomers have experienced more regarding inflation and heard more horror stories about Social Security, so they have a stronger grasp on potential gaps in benefits. These older generations have likely also researched Social Security in more depth because they are closer to retirement.
Well, based on current outlooks, basic retirement needs will likely not be covered completely by Social Security. Rising costs and potential reforms present significant concerns.
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