Originally published June 29 2005
Poll shows pessimism about Social Security payments
by Mike Adams, the Health Ranger, NaturalNews Editor
According a recent poll by the New York Times, many Americans are pessimistic about having enough money for retirement.
The survey found deep support for Social Security, the 70-year-old government pension program, but also deep concern about its future.
Forty-five percent said they thought their savings would be their major source of funds when they retire, which experts say is unlikely for most people.
In fact, the poll found several indications that people are struggling to save enough: Nearly half said they had saved less than 5 percent of their income in the previous 12 months, and 68 percent said they found it hard to keep up with their bills and save for retirement.
Even as they worried about the future of Social Security, Americans had very tempered expectations about the stock market as a source of retirement security.
That finding underscores the political difficulties facing President Bush as he tries to sell the idea of allowing younger workers to put part of their Social Security taxes into private investment accounts.
As the debate in Congress increasingly focuses on shoring up Social Security's long-term finances - rather than fundamentally changing it - the survey found the public had strong opinions about the tax increases and benefit cuts under consideration.
Social Security will exhaust its reserves by 2041 and be able to pay only about three-fourths of promised benefits, government actuaries predict.
And most expressed support for the idea recently embraced by Mr. Bush of reducing the rate of growth in benefits for middle- and upper-income people, while cushioning the lowest-income people from any reductions, if necessary for the system's solvency.
In fact, 37 percent of those surveyed said it should be the government's responsibility to provide a decent standard of living only for retirees with lower incomes and fewer assets.
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