Young Workers Loaded With Debt, Skeptical About Social Security’s Future: Wells Fargo
October 23, 2019 by Bernice Napach
More than 70% of today’s retirees say they have “no idea what they would do” without Social Security, but younger working generations fear the program won’t be available when they retire, according to Wells Fargo’s 10th annual retirement study.
That’s one of the key findings of the study, which examines attitudes and savings of working adults and retirees based on an online survey of 2,708 workers age 18 to 75 and 1,004 retirees.
The survey found that more than eight in 10 retirees fund their retirement primarily with Social Security or a pension, while far fewer millennials (25%) and Gen Xers (37%) expect that will be the case when they retire.