Published: November 12, 2012
Many Investors Expect Social Security to Be a Major Source of Retirement Income
BOSTON - (BUSINESS WIRE) - More than a third of Baby Boomers surveyed said they expect Social
Security to be a "major source of income in retirement." Yet only one in
four have confidence the system will have money to pay benefits
throughout their retirement; nearly 40 percent were not at all
confident, according to the latest MFS
Investing Sentiment Survey.
Moreover, most investors recognized the importance of personal savings
and investments in funding their retirements, ranking it higher than all
other sources cited. Yet Baby Boomers, who at the median are only 8
years away from retirement, have very little saved for retirement; only
12 percent of respondents had $1 million or more saved in retirement
accounts, and the median balance was $314,000.
"The survey findings point out a big disconnect between what investors
say they plan to live on in retirement, and what they actually can count
on for that income. Advisors have an opportunity to help their clients
focus on solving for this critical shortfall before it's too late," said
William Finnegan, senior managing director and head of Global Retail
Marketing for MFS.
To read the complete release at NewsBlaze,
Many Investors Expect Social Security to Be a Major Source of Retirement Income,
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