NEW YORK (MainStreet)While all of us have different ideas about what we're going to do when we retire, it's a safe bet that none of us is planning to struggle financially. Yet that is precisely what could happen despite our best intentions, especially if we're forced to exit the working world earlier than we anticipated.
Some serious thought about Social Security and the time and manner that we start our benefits, though, could make things easier down the road.
Alarmingly, two in three Millennials expect to retire by the age of 65, but almost 70% of them have yet to take any steps in planning or saving for it, according to a GfK survey conducted on behalf of MainStreet. Social Security, often viewed as an increasingly antiquated and insecure font of retirement income, has more Baby Boomers (85%) expecting it as a top source of planned retirement income than any other source. Even 54% of Millennials count SS as a top source of retirement income. Whereas Millennials more commonly cite employee-sponsored retirement savings plans (64%) and bank savings accounts, money markets and CD plans (63%) as a top source of retirement income, 65% and 61% of Boomers cited those sources, respectively, far below the expectations for Social Security.