Social Security Turns 80: Expectations and Preparations of American Workers by Age Range

Eighty years ago, on August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law. Since that time, Social Security has become a foundation of Americans' retirement security. At the same time, the U.S. retirement landscape has been evolving with increases in life expectancies and shifting labor patterns leading to the need for Social Security reform.

Social Security Turns 80: Expectations and Preparations of American Workers by Age Range examines workers’ attitudes and expectations around Social Security. For decades, the United States retirement system has been characterized as a “three-legged” stool which includes Social Security, employer pensions, and personal savings. Today’s workers are expecting greater diversity in their sources of retirement income but most still expect to be dependent on Social Security.

Amid concerns about the estimated depletion of the Social Security trust funds, many workers do not have a strong level of understanding about the program. Moreover, relatively few are financially planning for their retirement. 

The research report is based on a survey of more than 4,500 workers conducted in 2015. It offers comparisons of survey findings by age range including workers in their twenties, thirties, forties, fifties, and aged 60 and older.