Reduced benefits are and will continue to be available at age 62 but the reduction is greater than when full retirement was at 65. Although the Social Security Administration has publicized these changes extensively, just 18 percent of workers in the survey knew the age at which they would receive full benefits. More than half, or 55 percent, thought they would begin collecting before they are actually eligible. Americans, of course, know better than to rely solely on Social Security for their retirement and understand it was intended to supplement employer pensions and personal savings, the survey showed. Among the things to do, Blandin said, is to begin to modify your habits and commit to saving money.
Most American workers realize that.
They identified work-related and personal retirement plans as major sources of income in the retirement confidence survey. Just one in four self-described retirement savers were able to answer as many as seven out of 10 basic questions correctly, and a mere 2 percent got all 10 right. Personal finance columnist Humberto Cruz has been called everything from RoboSaver to tightwad. Let us hear from you.