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Rich say they can wait for SS

By Judy Martel · Bankrate.com
Sunday, February 26, 2012
Posted: 9 am ET

A majority of rich Americans in a new survey support raising the age at which people are eligible for Social Security.

Of the 1,000 individuals in the Bank of America survey, 58 percent say they don't expect to tap into their Social Security benefits until after their normal retirement age of 66 because they plan to continue working. Among those surveyed, particularly those with higher education, it's more about the desire to work rather than the need, which isn't to say they’re not concerned about increased health care costs and whether or not they have saved enough money to retire comfortably.

Though respondents don't give a specific age at which they think Social Security should kick in, 62 percent of the respondents younger than 62 (the earliest age a person can begin taking reduced benefits) say they plan to keep working at least to the age of 66 or later.

Bloomberg reports that a separate study conducted in December by Wells Fargo shows that 47 percent of affluent individuals support raising the age to receive Social Security only if it helps reduce the federal deficit. In that survey, the respondents say they expect Social Security to cover about a quarter of their monthly income needs in retirement.

Working longer to save for retirement is a commendable plan, but for many, the choice is taken away if they are laid off. Older workers have a much tougher time finding employment in this economic market than the young and could be forced to tap into Social Security earlier than they thought.

Do you support raising the eligibility age for Social Security?

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