Help clients better prepare for retirement by addressing Social Security gaps.

Social Security is key for helping people feel more confident about their future financial security. Yet, concerns about the future of Social Security can create doubt and uncertainty, undermining even the best-laid financial plans.

The eleventh-annual Social Security survey from the Nationwide Retirement Institute® which surveyed over 1,800 U.S. adults across generations revealed widespread doubt about the future of Social Security. Financial professionals can help address gaps in their clients’ retirement preparations with knowledge, guidance and solutions.

Retirement income spending sets a good balance.

Many Americans, whether retired or still working, see their retirement savings and income as a means for enjoying retirement. Nearly half of U.S. adults (48%) intend to spend all of their retirement savings and income to get the most out of their life in retirement.

70 percent
Percentage of income retirees spend on essential expenses* (or for those who are not retirees, expect to spend) on average.

Many are worried about cuts to future Social Security benefits.

A majority of Americans think the future of Social Security is on shaky ground with 72% worrying the Social Security program will run out of funding in their lifetime, but many also aren’t planning for other sources for retirement income (17%). This is an opportunity for financial professionals to start the conversation and make plans to help clients replace retirement income lost to possible cuts to Social Security benefits.

One-half of American adults (50%) don’t know what percentage of their income their Social Security benefits will replace or replaced in retirement.

There’s a gap in expectations for retirement income and expenses.

Fear of a retirement shortfall is the root of the problem. Many adults think the Social Security benefit they receive won’t be enough to cover their basic needs in retirement (55%), and they’ll need to continue working because Social Security won’t pay enough (59%) to close the gap between their retirement income and expenses.

Percentage of non-retired adults who expect their living expenses to stay the same in retirement.

The average percentage of pre-retirement income that non-retired adults expect to need in retirement.

Clients place high importance on maximizing Social Security.

Here’s the opportunity for financial professionals to help clients by addressing concerns about Social Security and their retirement finances. Many current clients want to discuss ways to reduce the impacts of inflation and taxes on their retirement income, as well as financial strategies to help maximize their Social Security benefits.

More than

4 in 5

of current U.S. adults with a paid financial professionals or prospective clients who want to talk to a financial professional about Social Security would switch professionals if their financial professional could not show them how to maximize their Social Security benefits.

Help your clients build a plan for Social Security and retirement income.

With insights and resources from the Nationwide Retirement Institute^®, you can answer client questions around when to file for Social Security benefits and how to help maximize their retirement income.

Learn more about our tools to help optimize Social Security benefits.

* Housing, healthcare costs, groceries, student loans, debt, monthly bills, and transportation.

Methodology: The research was conducted online in the U.S. by The Harris Poll on behalf of Nationwide among 1,831 adults age 18+ who currently receive or expect to receive Social Security (“national sample”), including 313 Gen Z (age 18-27), 506 Millennials (age 28-43), 506 Gen Xers (age 44-59), and 506 Boomers+ (age 60+). The survey was conducted April 19-May 13, 2024.