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Survey Finds Baby Boomers Less Reliant On Social Security January 3, 2007

Posted by notapundit in US News.

WASHINGTON (Dow Jones)–Baby boomers, who begin reaching retirement age next year, are less likely than current retirees to rely on Social Security for most or all of their retirement income, according to survey findings released Wednesday by the Treasury Department.

Only 16% of baby boomers say they will get most or all of their retirement income from Social Security, compared with 31% of existing retirees who say the government program accounts for most or all their income, according to the poll, sponsored by Treasury and the Federal Reserve Banks.

Findings from the telephone survey by private firm KRC Research were released to support Treasury and the Fed Banks’ campaign to encourage baby boomers to use direct deposit for their Social Security payments. Federal government officials say electronic payment is easier and safer than paper-check payment.

The poll finds baby boomers have grown more savvy about their personal finances, but one-fourth still get paid by paper checks, and paper checks are more prevalent among older boomers.

The survey indicates the baby boom generation – the 77 million U.S. citizens born from 1946 to 1964 – are likely to wait longer than their predecessors to start collecting Social Security benefits. About one in seven of the baby boomers plans to start collecting benefits at the threshold age of 62, compared with about a third of current retirees who did so.

The poll also shows 70% of baby boomers plan to pay more attention to personal finances when they retire, compared with 64% of existing retirees.

By Campion Walsh, Dow Jones Newswires


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