NFP Survey Finds 40% of Older Workers Rely on Social Security

A survey commissioned by the benefits firm NFP shows that more than 40% of workers aged 55 and older intend to rely on Social Security as their primary source of retirement income. This expectation remains high despite an average annual benefit of approximately $25,000, a sum often insufficient for a comfortable standard of living.

The data indicates a widespread failure to meet financial milestones, with over 70% of surveyed workers reporting they are off track with their retirement savings goals. Approximately 46% of these employees are either unable to save or have deprioritized those goals due to inflation and the rising costs of healthcare and housing.

Steve Jans, a leader at NFP, stated that the findings reveal an education gap regarding how Social Security integrates into a broader retirement strategy. He noted that workers are currently prioritizing immediate financial pressures over long-term retirement objectives.