The amount of pre-retirement earnings replaced by the government program will be less than many surveyed workers expect.

Baby boomers anticipate that 47% of pre-retirement earnings will be replaced by Social Security, according to results of an annual survey from the Nationwide Retirement Institute. But the reality for someone making what the Social Security Administration considers the average wage in recent years, about $60,000, is more like 37%, according to the Committee for a Responsible Federal Budget. And the percentage drops as household income rises.

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  • @spez_English
    9•1 year ago

    Australia has done quite a good thing with the pension. We implemented a superannuation system, which is owned by the individual rather than the government. We cannot take it out until retirement and it’s mandatory.

    The government released an intergenerational report which indicates that the government can spend less on the pension but keep the quality of life the same, if not better, due to superannuation