A record 62% of retired Americans now rely on Social Security as a major source of income, according to Gallup’s latest Economy and Personal Finance survey released Wednesday.
The figure ties last year’s record high and significantly exceeds every other retirement income source tracked in the survey. Work-sponsored pension plans ranked second at 37%, followed by retirement savings accounts such as 401(k)s and IRAs at 27%.
The findings are based on Gallup’s Economy and Personal Finance poll conducted between April 1 and April 15.
The survey also highlighted a growing divide between retirees and workers still preparing for retirement. While 82% of retirees said they have enough money to live comfortably, only 45% of nonretirees expect the same for themselves.
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