Perception vs. Reality for Retirees

Where will your retirement money come from? One survey shows there is an alarming difference between perception and reality.

Social Security Income

Only 29% of today's workers expect Social Security will be a major source of retirement income, but 64% of retirees report that it is. That may not be enough, since Social Security paid retired workers an average monthly retirement benefit of $1,631.

Workplace Retirement Savings Plans

About half of workers expect workplace retirement savings plans to play a big role. Yet only a quarter of those retired report that it actually does.

IRA Income

Also, while 70% of workers expect their IRA to be a source of income in retirement, only 56% of retirees report an IRA as a source of retirement income.

Preparing for Health Expenses

Only 36% of workers say preparing for future health expenses is a priority. This number jumps to 48% in retirement.

Working in Retirement

68% of today's workers expect that working in retirement will provide a key source of income. In reality, only 22% of retirees report that it does.

Take steps to make sure your perception of retirement becomes a reality.