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3. Survey participants say they haven’t received the support they need to prepare for retirement, so 78% have acquired financial management skills on their own.
4. Staying mentally active—not the paycheck—is the No. 1 reason people want to work in retirement, and 60% say they would like to enter a different line of work. People are asking for a new model for work life in their later years: 40% said they would like to trade off between periods of work and leisure during their retirement years.
5. The “sandwich” effect is becoming even more complex. Survey respondents are anticipating even more generational interdependence and support in their later years. While four in ten anticipate they will need to financially support their parents, one in four worry that they will have to financially support their siblings. Among younger respondents, these concerns are the strongest.
Nearing Retirement Age
Concerns about Social Security—Questions and Answers
As mentioned earlier in connection with the Charles Schwab survey, only 25% of Americans say they clearly understand Social Security and how it works. Without question, there’s an important national discus- sion going on concerning the future of Social Security. To help answer some of the most commonly asked questions, the Social Security Administration provides some helpful answers in response to questions about Social Security benefits:
Q: I am retired and receiving a monthly check from Social Security . Are my monthly payments going to be cut?
A: No, there are no plans to cut benefits for current retirees. In fact, ben- efits will continue to be increased each year with inflation. Even without any changes, current benefits are expected to be fully payable on a timely basis until 2033 at which time it is estimated that payroll taxes will be enough to pay only 75 cents for each dollar of scheduled benefits.
New Views About Retirement 3