The Wells Fargo/Gallup Investor and Retirement Optimism Index, conducted their telephone survey from Aug. 15-24, 2014, polling investors on different topics. Among the topics was Social Security, and here are their findings.
Six in 10 (58%) don’t think federal lawmakers will address the financial problems with Social Security in time to preserve the system for future retirees. While more than half of investors showing a lack of confidence in lawmakers is telling, younger investors are showing much less faith.
Two-thirds of younger investors (67%), those under age 50, are especially pessimistic, saying lawmakers will not fix the system. The difference in results between generations becomes more marked when asked if they will receive their full benefits.
A little more than a third (38%) of investors between the ages 18 to 49 believe they will get most or all of the benefits due to them under the current system, compared to 71 percent of those between the ages 50 and 64, and 73 percent among those 65 and older. So, most of the investors who are 50 and older are confident that they will receive nearly their full benefits, while most younger investors believe that they won’t.
This attitude isn’t specific to investors, but it is shared by the general public. The question is… when will younger people actually do anything about this?