July 27, 2015 Fact of the Day: Do investors feel the age for social security should be raised?
DID YOU KNOW THAT MOST WEALTHY HOUSEHOLDS DO NOT BELIEVE THE AGE FOR OBTAINING SOCIAL SECURITY BENEFITS SHOULD BE INCREASED?
As you know, Americans are continually warned that Social Security is running out of money and something has to be done to keep the system solvent. One of the most commonly heard solutions is to raise the age at which one receives Social Security benefits. Right now, Social Security is available at age 65 for those born before 1960 and at age 67 for those born later.
In research recently conducted by Spectrem Group with affluent households, it was found that 62 percent do not support increasing the age for Social Security. Men were more likely to support increasing the age at 46 percent compared to only 29 percent of women who support that change. As wealth increased, investors were more likely to support the age increase with 55 percent of those with more than $5 million supporting the change compared to only 28 percent of those with a net worth of $100 to $500,000 of net worth. Those already retired were much less likely to support the change. Only 31 percent of retired individuals supported the change compared to 49 percent of those still working.
Younger investors were less likely to support increasing the age for social security than older investors. Only 34 percent of investors under the age of 40 support increasing the age for social security compared to 52 percent of those 61 and over.
Republicans were more likely to support raising the age for social security at 41 percent compared to 34 percent of Democrats. Independents weighed in at 38 percent.
And what would be the proper age to receive benefits? Forty five percent of investors indicated that, if raised, the age should be 68-69. Forty one percent felt the appropriate age was 70-71. Ten percent felt somewhere between 72 and 75 was appropriate. Only 4 percent supported raising Social Security payments to past age 75.
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