‘Protected Income’ Users Expect to Depend Less on Social Security: Alliance for Lifetime Income
March 11, 2020 by Allison Bell
.S. consumers who have annuities or defined benefit pension plans seem to expect to depend less heavily on Social Security benefits than other U.S. consumers do.
The Alliance for Lifetime Income has reported that finding in a summary of results from an online survey of 1,015 U.S. adults ages 40 through 79.
The Washington-based group classifies annuity income and pension benefits as “protected income.”
The survey participants without protected income said they expect to use Social Security benefits to cover about 41% of their essential expenses in retirement.
The survey participants with protected income expect to use Social Security to cover just 29% of the cost of essentials.
The alliance conducted the survey to support an effort to promote a new “M.U.G.” approach to retirement income planning.