Study: Social security an important safety net for retirement living

American adults who are contemplating the prospect of balancing retirement living expenses during a financial downturn told Rockefeller Foundation researchers that Social Security is a key safety feature when surveyed recently.

While more than three-quarters of participants say that the government payments will play an important part in their funding plans, close to 9 in 10 add that they see it as a way for the disabled or less affluent to have a more secure future in assisted living communities.

The same number of Americans surveyed want lawmakers to improve the system in the face of budgetary constraints, and most are willing to pay more for Social Security to continue.

"In these challenging economic times, Americans are calling on their leaders to ensure that Social Security remains a strong, sustainable safety net," said Judith Rodin, Rockefeller Foundation president.

Chief White House Financial Advisor Lawrence Summers has said that following healthcare reform efforts, the Obama administration's next major initiative will be an overhaul of the Social Security system to address costs and budget issues, reported the New York Times.

Study: Social security an important safety net for retirement living Administrators from the Social Security Administration have estimated that the fund could run out of money in the next few decades.

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