Social Security provides critical income for many American women. In fact, 62 percent of women say Social Security will be their primary source of retirement income. So it’s no wonder women are increasingly concerned about its viability and their happiness in retirement.
The annual survey from the Nationwide Retirement Institute®, conducted online by The Harris Poll among 1,012 U.S. adults ages 50 or older who are retired or plan to retire in the next 10 years, including 473 women, found that only 25 percent of women say life is, or is expected to be, better in retirement than before retirement (down from 31 percent last year). What’s more, 26 percent of women say that life in retirement is, or is expected to be, worse. For many, worries about Social Security coupled with the cost of health care is putting a damper on their retirement dreams.
The survey also shows that on average, women count or expect to count on Social Security to pay 58 percent of all their expenses in retirement, and 18 percent count or will count on it to pay all or nearly all their expenses (91 percent – 100 percent). However, three in four women (75 percent) worry Social Security will run out of funding in their lifetime – up from 62 percent last year – and more than half (58 percent) believe there will be cuts to Social Security under the current presidential administration.
Read more at PRNewswire.