Chart of the Day: Social Security Is More Important Than Most People Think


EBRI’s annual Retirement Confidence Survey is out, and you can find it here if you want to read the whole thing. In a nutshell, retirement confidence dropped sharply in 2008 when the Great Recession started, and finally started to increase a bit this year for the first time since then. Nonetheless, the number of people who are confident they have enough to retire on is still around 55 percent, way below the 70 percent who felt this way during the 90s and aughts.

There are plenty of interesting facts and figures about retirement in the report, and I’ve excerpted an interesting pair of charts about worker expectations of Social Security below. These numbers have bounced around a bit over the years, but generally speaking, only about a third of active workers think Social Security will be a major part of their retirement. In reality, about two-thirds of actual retirees report that Social Security is a major part of their income. Keep that in mind the next time you hear someone blithely talking about cutting Social Security benefits, especially among low-income workers.

HERE ARE THE FACTS:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate