More than half of retirees (53%) indicate Social Security will be their primary source of income throughout their retirement. Among those who are not yet retired, 1 in 4 people (25%) expect their primary source of retirement income to be Social Security.

Related: If Social Security benefits run dry in 2023, workers need an extra $100,000 in retirement savings

The survey findings further illustrate the importance of Social Security for people's retirement security:

7 in 10 people who are not yet retired (70%) agree with the statement, "I feel that I could work until retirement and still not save enough to meet my needs," and 42% of retirees indicate that they were unable to save enough to meet their retirement needs.
People who are not yet retired have saved $51,000 in total household retirement accounts, including people in the workforce ($65,000), homemakers ($16,000), and the unemployed who are not looking for work ($0) (estimated medians).
Retirees have $126,000 in total household savings excluding home equity (estimated median).

"Social Security is a meaningful source of retirement income for Americans across the wealth spectrum, and it is a lifeline for retirees with limited means," said Collinson. Reliance on Social Security varies dramatically by household income. More than half of people with an income of less than $50k (52%) expect Social Security to be their primary source of retirement income compared with 34% of those with an income of $50k to $99k, 21% of income of $100k to $199k, and 13% of income $200k+.

Instant Insights /

Most workers fear Social Security funds will be gone amidst DOGE cuts, projected shortfalls

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