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Executives question health of social security system.

A Grant Thornton survey of 1,469 executives of U.S. companies with 1,000 or fewer employees found widespread distrust of the U.S. Social Security system.

Overall, only 10% of those polled considered the Social Security system very healthy. While 49% viewed it as somewhat healthy, 40% thought it was not healthy at all. One percent had no opinion.

Attitudes varied by age. Of those age 51 and older, 15% thought Social Security was very healthy, 55% rated it somewhat healthy and 29% said it was not healthy at all. Their younger counterparts were considerably more gloomy. Of those executives 50 or younger, only 7% believed Social Security was very healthy, and 45% thought it was somewhat healthy. A near-majority of 47% said it was not healthy at all.

The marked difference in attitudes also was evident in responses to a question on Social Security benefits. When asked if Social Security would provide an adequate supplement to other retirement income, such as pensions and dividend and interest income, 68% of those polled said it would not. Another 31% thought it would provide an adequate income supplement and the remaining 1% had no opinion. However, among executives 51 and older, 54% thought Social Security benefits would be an adequate supplement to retirement income, and only 46% believed they would be insufficient.

Among executives 50 or under, an overwhelming 82% said Social Security benefits would not provide an adequate supplement to retirement income. Only 17% thought they would be sufficient. The remaining 1% had no opinion.
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Article Details
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Apr 1, 1993
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