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Data & Research January 3, 2007
Boomers Not Relying on Social Security for Retirement
A scant 16% of Baby Boomers report that all or most of their future retirement income will come from Social Security, according to a survey by the US Department of the Treasury and Federal Reserve Banks.
Reported by Alison Cooke
Hopefully Boomers are saving enough because of the current retirees surveyed, nearly a third (31%) report that most or all of their income is from Social Security.
Baby Boomers also say they will be delaying retirement compared to those who have already retired. Although 34% of current retirees began collecting Social Security at age 62, only 16% of Boomers plan to do so.
About the same amount of Boomers and current retirees (70% and 64%, respectively) surveyed say that they will pay greater attention to controlling their personal finances in retirement than while working.