Despite the fact that about two out of three Millennials expect to retire by age 65, nearly 70% of them have not taken any action to plan or save for retirement, according to a new nationwide survey conducted by GfK Research for TheStreet's MainStreet.com. And even with Social Security being viewed by many as an antiquated system with long-term sustainability issues, more than half of the Millennials surveyed (54%) are planning on it as a top source of retirement income. The percentage of Boomers who are planning on Social Security as a top source of retirement income, by the way: 85%.
An article about the survey includes five tips on managing Social Security benefits “for those facing unexpected early retirement,” including finding a way to delay filing for full benefits until at least full retirement age and voluntarily suspending benefits if they’re already being received. And oh yeah — seek professional help too.
