These concerns come at a time when many current Social Security recipients are already struggling to make ends meet: 61% say missing even half of a Social Security payment would leave them unable to survive financially, and 55% say their benefits don’t cover their basic needs in retirement. As a result, many have been forced to make tough financial trade-offs, with 52% cutting back on discretionary spending, 31% reducing essential expenses, and another 31% relying more heavily on their savings or retirement accounts.

“Today’s retirees are facing economic headwinds that feel more unpredictable and immediate than ever before,” said Tina Ambrozy, Head of Strategic Customer Solutions at Nationwide. “While it’s difficult to predict the long-term impact of recent shifts in U.S. trade policy, with inflation on the rise and new tariffs adding to economic uncertainty, more Americans are worried about whether Social Security will be enough to support them in retirement. These findings show that many Americans are just one disruption away from serious financial strain. Now more than ever, people need guidance and a personalized plan to help protect their income and secure a more stable future.”

Lack of Faith in the Future of Social Security

This sense of instability isn't limited to today’s retirees. Across the broader population, concerns about the future of Social Security are widespread and deeply felt. More than four in five Americans (83%) express concern about the long-term viability of the program, and 74% worry that Social Security will run out of funding in their lifetime. For younger generations, skepticism is even more acute: 38% of Gen Z (age 18-28) respondents and 34% of millennials (age 29-44) believe they won’t receive a single dime of the benefits they’ve earned.

A False Sense of Security: Understanding the Knowledge Gap

While most Americans (74%) believe they can manage their Social Security benefits without the help of financial professionals, the data suggest this confidence may be overstated, as only 38% of Americans say they are actually confident in their knowledge of the program.

In fact, just 21% of all respondents were able to correctly identify the age at which they are eligible to receive full Social Security benefits. When asked to respond to 15 true-or-false questions about Social Security, the average respondent knew only eight correct answers.

Adding to the challenge, nearly one in five (19%) current Social Security recipients report that it has become more difficult to access or manage their benefits in 2025, signaling a system that’s not only misunderstood, but also increasingly complex to navigate without professional help.

Financial Professionals Can Bridge the Gap

To manage this complexity, Americans are open to receiving help from financial professionals as they plan for various income streams in retirement. The survey found that 58% of U.S. adults are interested in speaking to a financial professional to help them manage or navigate potential cuts to Social Security benefits in the future.

Nearly four in five individuals (78%) who currently work with or plan to work with a paid financial advisor say they would be likely to switch to another paid advisor if theirs couldn’t help them maximize their Social Security benefits.

Taxes are another key area of concern: more than 7 in 10 (73%) want to learn about how Social Security is taxed, as 54% admit they didn’t account for the impact of tax rates on their retirement income and 58% say they’re afraid of how taxes could affect their financial futures.

The message to financial advisors is simple: prioritize discussions about Social Security and post-retirement taxes early.

“This year’s survey makes one thing clear: confidence doesn’t always equal preparedness,” added Ambrozy. “Too many Americans are navigating retirement decisions with limited understanding of how Social Security actually works—at a time when benefits are under pressure and the system itself is growing more difficult to manage. The good news is that people are open to learning and taking action. Financial professionals have an opportunity—and a responsibility—to step in, close these knowledge gaps, and help Americans make the most of the benefits they’ve earned.”

Nationwide offers a variety of resources to help. The Nationwide Social Security 360 Analyzer® can help financial professionals assess a client’s goals to better advise on the optimal time to claim Social Security. To learn how to optimize Social Security benefits, visit www.Nationwide.com/SocialSecurity. Financial professionals can visit www.Nationwide.com/SimplifySocialSecurity.

For more insights on this survey data, see the Advisor Advocate Blog or view this infographic.

Methodology

The research was conducted online in the U.S. by The Harris Poll on behalf of Nationwide among 1,812 adults age 18+ who currently receive or expect to receive Social Security (“national sample”), including 301 Gen Z (age 18-28), 504 millennials (age 29-44), 505 Gen Xers (age 45-60), and 502 Boomers+ (age 61+).  The survey was conducted June 2-17, 2025.

Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status, household size, household income, and smoking status to bring them in line with their actual proportions in the population. To ensure the national sample was representative, the data were initially weighted by generation (Gen Z 18-28, millennials 29-44, Gen Xers 45-60, and boomers+ 61+) and then combined into a total age 18+ group.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 3.0 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

The 2024 survey found that nearly three-quarters (72%) of adults worry the Social Security system will run out of funding in their lifetime. This concern is particularly pronounced among millennials (79%) and Gen Xers (77%), compared to Gen Z (66%) and boomers+ (66%). Alarmingly, almost one in four (23%) believe they will not get a dime of the Social Security benefits they have earned.

"Though Americans’ heightened anxiety around the Social Security program is not surprising, it is now more important than ever for them to have a retirement plan that hedges against the possibility of receiving less in benefits than expected," said Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide. “We are in an opportune time for financial professionals to empower their clients to plan for the future and build long-term financial resilience.”

Key reforms supported by Americans
Social Security reform is top of mind for many Americans, as 69% report that a candidate’s stance on the topic will be a major factor in how they vote in the upcoming U.S. presidential election. With that in mind, many are voicing their opinions on ways the system needs to change.

Notable proposed changes that Americans support include raising the minimum eligibility age from 62 to 64 for all future retirees aged 50 or younger (66%) and increasing the full retirement age from 67 to 69 on all future retirees ages 50 or younger (51%). Interestingly, these proposals have bipartisan support with 68% of Democrats and 69% of Republicans backing the first and 50% and 51%, respectively, favoring the second.

Other proposed changes to the Social Security system include:

• Increasing taxes on higher earners to increase funding (47%)
• Decreasing taxation on benefits (40%)
• Increased funding through employer taxes (34%)

Knowledge gaps and the need for education
Despite desiring change in the system, many Americans still do not fully understand how the Social Security system works. In fact, more than half of respondents (51%) admit they do not know exactly how to maximize their Social Security benefits and one-third (33%) are uncertain about the age at which they are or were eligible for full retirement benefits.

Unfortunately, this knowledge gap has grown over the last decade. When this survey was conducted in 2015, 86% of respondents aged 50+ knew that Social Security could offer benefits for their spouse or children, whereas only 74% knew this in 2024. Similarly, 66% of respondents aged 50+ knew that divorced adults may be eligible for Social Security benefits based on their ex-spouse’s record, whereas only 52% answered this correctly in 2024.

Furthermore, two-thirds (66%) of U.S. adults did not know or were unsure that Social Security is protected against inflation, and a mere 4% could identify all five factors that determine the maximum Social Security benefit. This growing knowledge gap highlights the need for better education and resources to help Americans understand how this important element of their retirement plan will contribute to their financial security in the future.

Despite growing concerns, many Americans are not taking action
Although Americans’ widespread concerns about Social Security solvency are apparent, many are not taking proactive steps to secure their financial futures.

Almost half (47%) report that they do not pay to work with a financial professional and do not want one. In addition, 55% of U.S. adults who do not pay to work with a financial professional have no plans to seek advice about Social Security benefits from one. However, the good news is that the majority are open to learning more from a financial professional. For example, when thinking about managing their savings for retirement, three in four (75%) expressed interest in discussing savings or investment options to guarantee specific income levels during their retirement.

"Given Americans’ increasing worries about the future of Social Security, it is concerning to see that many have yet to take proactive steps to secure their retirement," added Ambrozy. "Seeking guidance from a financial professional can make a significant difference in maximizing Social Security benefits and ensuring financial stability in retirement. We encourage everyone to take action now to better understand their options and safeguard their financial futures."

Nationwide offers a variety of resources to help. The Nationwide Social Security 360 Analyzer® can help financial professionals assess a client’s goals to better advise on the optimal time to claim Social Security. To learn how to optimize Social Security benefits, visit www.Nationwide.com/SocialSecurity. Financial professionals can visit www.NationwideFinancial.com/SocialSecurity.

Methodology
The research was conducted online in the U.S. by The Harris Poll on behalf of Nationwide among 1,831 adults age 18+ who currently receive or expect to receive Social Security (“national sample”), including 313 Gen Z (age 18-27), 506 millennials (age 28-43), 506 Gen Xers (age 44-59), and 506 boomers+ (age 60+).  The survey was conducted April 19-May 13, 2024.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations, and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building 21^st century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advice to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

The 2023 Social Security survey delivered concerning findings: three-fourths (75%) of adults age 50+ worry Social Security will run out of funding in their lifetime, up from 66% in 2014. Additionally, one in five (21%) adults age 50+ say they have no source of retirement income in addition to Social Security, up from 13% in 2014. Ten years ago, nearly half of Americans (48%) had a pension in addition to Social Security, compared to just 31% in 2023.

A notable bright spot is that more adults age 50+ are talking with a financial professional about Social Security today than they were in 2014. Over half (53%) of adults today say their financial professional provides advice on how and when to file for Social Security benefits, up significantly from 35% in 2014. More than two-fifths of adults (43%) with a financial professional now expect their financial professional to provide Social Security advice, a 14-point jump from 10 years ago (29% in 2014).

“A decade of research into Americans' views on Social Security confirms that working with a trusted financial professional isn't just beneficial, it's vital to maximizing your benefits—especially as retirement approaches,” said Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide. “Social Security education is an empowerment tool and a proven strategy for creating financial resilience, one that financial professional stand ready to provide.”

Gen Z and millennials are pessimistic about the future, but plan to take action
In addition to analyzing the 10-year trends among adults age 50+, this year’s survey also reveals how younger generations think about Social Security’s future. The study found that about two-fifths or more of Gen Z (45%) and millennials (39%) believe they will not get a dime of the Social Security benefits they have earned.

The majority of Gen Z (76%) and millennials (76%) anticipate they will need to continue working in retirement because Social Security will not pay enough. However, the younger generations are more likely to turn to financial professionals for help. More than two in five (43%) Gen Z and 39% of millennials plan to ask a financial professional about Social Security benefits, compared to just 22% of Gen X and 6% of baby boomers.

Americans across generations lack critical Social Security education 
Nearly half (49%) of U.S. adults 18+ say they know how to maximize their Social Security benefits. However, only 8% correctly identified all the listed factors that determine the maximum Social Security benefits an individual can receive.

Few know what age they are eligible for full retirement benefits. In fact, only 13% of adults correctly guess their full retirement age based on their year of birth. On average, Americans guessed 60 years of age and Gen Z and millennials guess 54 and 55, respectively. The correct age is either 66 or 67, depending on the year a person is born.

Another costly misconception is that almost half (49%) of adults don’t know or mistakenly believe that if they file for Social Security early then their benefits will automatically go up once they reach their full retirement age.

Other key knowledge gaps include:

• About half (51%) of adults do not know or are not sure what percentage of their income is or will be replaced in retirement by Social Security.
• More than two in five (42%) of those not currently receiving Social Security are not sure how much their monthly Social Security payments will be once they claim benefits.
• More than two-thirds of consumers (70%) do not know that Social Security is protected against inflation.

“Nearly four out of five Americans say that the Social Security system needs to change, while at the same time our research shows that most people don’t understand how the current system works,” Ambrozy continued. “We need to adopt a collaborative approach to preparing Americans for a financially secure retirement, drawing on the expertise and care of solution providers like Nationwide, public policymakers, and financial professionals across the country. Social Security is a complex system, and it can be difficult to know what you are entitled to. The past ten years of research have been about providing insights to aid that effort, and while we have made notable progress, we still have work to do.”

Nationwide offers a variety of resources to help. The Nationwide Social Security 360 Analyzer® can help financial professionals assess a client’s goals to better advise on the optimal time to claim Social Security. To learn how to optimize Social Security benefits, visit www.Nationwide.com/SocialSecurity. Financial professionals can visit www.NationwideFinancial.com/SocialSecurity.

Methodology
The research was conducted online in the U.S. by The Harris Poll on behalf of Nationwide among 1,806 adults age 18+ who currently receive or expect to receive Social Security (“national sample”), including 300 Gen Z (age 18-26), 500 Millennials (age 27-42), 504 Gen Xers (age 43-58), and 502 Boomers+ (age 59+), and oversamples for a total of 532 Hispanic adults, 507 Black adults, and 105 Asian adults. The survey was conducted May 18 – June 13, 2023. Data are weighted where necessary age by gender, race/ethnicity, region, education, marital status, household size, household income and propensity to be online to bring them in line with their actual proportions in the population. To ensure the national sample was representative, the data were initially weighted by generation (Gen Z 18-26, Millennials 27-42, Gen Xers 43-58, and Boomers+ 59+) and then combined into a total age 18+ group. Data for age 50+ U.S. adults were weighted as needed by age by gender, race/ethnicity, region, education, household income, retirement status, and propensity to be online. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 3.0 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. The sample data for the age 50+ adults is accurate to within + 4.2 percentage points using a 95% confidence level. 

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building 21^st century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advice to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

With approximately 3,400 financial professionals, Fidelity serves its customers through 12 regional sites across the globe and more than 200 Investor Centers. The company has $9.6 trillion assets under administration and $3.6 trillion total discretionary assets as of Dec. 31, 2022.  

“Fidelity is a reputable and well-known firm, and this strategic relationship creates tremendous opportunities for Nationwide and Fidelity to deliver valuable solutions to more customers,” said Tina Ambrozy, senior vice president of Nationwide Financial Strategic Customer Solutions. “We also are excited to partner with a company that so closely aligns with Nationwide’s culture and business goals.”     

As part of the new relationship, Fidelity’s financial professionals are now offering the Nationwide Personal Income^SM Annuity, a deferred variable annuity designed to provide growth potential, flexibility and guaranteed retirement income for life. It’s a product that may be ideal for clients who are retired, semi-retired or approaching retirement and who want to continue growing their savings with a guaranteed income stream.   

“Nationwide is committed to providing solutions that help financial professionals protect their clients,” said Eric Henderson, President of Nationwide Annuity. “Fidelity will help us expand our reach to serve even more investors, offering a new solution that is well suited for the current economic environment.”   

The annuity includes the Nationwide Retirement Income^SM Rider. The rider will include lifetime withdrawal rate percentages ranging between 5.25% and 7.65% for Single Life election and will be based on the owner’s age when they take their first withdrawal. The Retirement Income Rider has a 5% simple interest roll-up rate to the income benefit base, which is a guaranteed increase applied to the initial investment each year on the rider anniversary for purposes of calculating the rider payout amount¹.  

¹ Roll-up rates are guaranteed annual increases to the rider’s benefit base and are credited for the first 10 contract anniversaries, or up until the first lifetime withdrawal, whichever comes first. The benefit base is used to calculate the annual income offered by the rider. 

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But their knowledge of a key building block of retirement planning – Social Security – remains woefully low. This year’s survey found that nine in 10 adults age 26 and over say they’re at least somewhat confident in knowing the facts about Social Security – but fewer than half who aren’t currently collecting Social Security know their full retirement age or how much to expect in monthly benefits. More than 60% also don’t know that Social Security is inflation-adjusted or how they can maximize their benefit.

Workers can do things today that can increase their Social Security knowledge just as they’re taking steps these days to offset inflation -- like dining out less (42% report this) and driving less (which 34% say they’re doing).

“It’s understandable that people are worried about retirement in the face of the current economic environment,” said Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide. “Individuals at all stages of their careers can benefit from educating themselves about the Social Security system and retirement planning and a trusted financial professional can help with that education.”

The good news: more young workers say they’re currently working with a financial professional or planning to in the future. Half of Millennials (age 26 to 41) say they now work with one, up from 42% in 2021. Many say they’d like to learn more about Social Security from a financial pro.

“There is an immediate opportunity for financial professionals to clear up clients’ misconceptions about Social Security to alleviate their fears and help them stay on track toward their long-term retirement goals,” Ambrozy said.

It’s clear many workers were expecting a quicker and more lasting “return to normal” following COVID disruptions that may have sidetracked their career plans and savings goals. Survey respondents are actually more concerned today about the pandemic’s impact on their retirement plans than they were last year: 20% of consumers say they’re pushing back their retirement start date due to COVID-19 this year, up from 15% in 2021. And nearly half (47%) are reevaluating their retirement plans to assess the financial impact of COVID-19, up from 38% a year ago.

“Every year we find that all generations need more Social Security education, but in this uncertain economic environment it’s more important than ever for people nearing retirement to understand that their Social Security benefits are protected against conditions such as inflation,” Ambrozy said.

To learn how to optimize Social Security benefits, visit www.Nationwide.com/SocialSecurity. Financial professionals can visit www.NationwideFinancial.com/SocialSecurity.

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Adding to those concerns, most consumers (70%) across generations worry that Social Security will run out of funding in their lifetime. One in three adults (33%) not currently receiving Social Security benefits believe they won’t get a dime of what they’ve earned when they retire.

Despite worries about inflation, the survey also found an important misperception about Social Security: more than two-thirds of Americans don’t realize that Social Security is protected against inflation.

“Every year we find that all generations need more Social Security education, but in this uncertain economic environment it’s more important than ever for people nearing retirement to understand that their Social Security benefits are protected against conditions such as inflation,” said Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide. “There is an immediate opportunity for financial professionals to clear up clients’ misconceptions about Social Security to alleviate their fears and help them stay on track toward their long-term retirement goals.”

Americans have a pessimistic outlook on their financial futures – and they’re changing behaviors accordingly
These worries may be leading many older Americans to tap into their Social Security benefits early. In fact, one in four (26%) Boomers+ who are not currently receiving Social Security plan on filing for Social Security benefits early while continuing to work. Almost two in five (39%) Boomers+ who are not currently receiving Social Security plan on drawing their benefits before their full retirement age.

Survey findings suggest Americans’ concerns about the economy and the pandemic are fueling their fears for the future. Nine in 10 consumers (86%) are concerned about inflation’s impact on the U.S. economy. Older generations are most concerned for the future, with Gen Xers and Boomers+ more likely than Millennials to believe the U.S. economy is getting worse (57%, 67% vs. 36%).

As a result of inflation, Americans across generations are making changes in their daily lifestyles and canceling or postponing life events in the past 12 months because of inflation:

• More than two-fifths (42%) of Americans are eating out less and one-third (35%) are driving less
• 15% have cancelled or postponed taking a planned vacation
• 12% have cancelled or postponed buying a new or used car

Concerns about COVID-19’s adverse impact on retirement security has accelerated since 2021. Today, Americans are more concerned about the pandemic’s impact on their retirement plans than they were last year, with 20% of non-retired Americans pushing back their retirement start date due to COVID-19 this year, compared to just 15% in 2021. Additionally, almost half (47%) of Americans are re-evaluating their retirement plans to assess the financial impact of COVID-19, a nine-percentage point jump from 2021 (38%).

Most Americans are misinformed about Social Security
Survey findings suggest solving Social Security misconceptions may help ease some fears about the future.

• Key knowledge gaps include:
• Only 7% correctly identified all the listed factors that determine the maximum Social Security benefits an individual can receive
• Almost half (49%) of adults don’t know or aren’t sure what percent of their income is or will be replaced in retirement by Social Security, and more than two in five (44%) of those not currently receiving Social Security aren’t sure how much their monthly Social Security payments will be
• Only 13% of adults correctly guess their full retirement age based on their year of birth
• Almost half (49%) mistakenly believe if they file early their benefit will automatically go up once they reach their full retirement age

These knowledge gaps reveal an immediate opportunity for financial professionals to help their clients better navigate the Social Security landscape. While only about one in three (36%) surveyed currently work with a financial professional, the good news is more Millennials are turning to financial professionals for help, with 50% reporting they work with one in 2022, compared to just 42% in 2021. Additionally, Millennials and Gen Xers are more likely than Boomers+ to say they prefer to learn more about Social Security from a financial professional (30%, 26% vs. 12%).

“It’s understandable that people are worried about retirement in the face of the current economic environment,” continued Ambrozy. “Individuals at all stages of their careers can benefit from educating themselves about the Social Security system and retirement planning and a trusted financial professional can help with that education.”

Nationwide offers a variety of resources to help. The Nationwide Social Security 360 Analyzer® can help financial professionals assess a client’s goals to better advise on the optimal time to claim Social Security. To learn how to optimize Social Security benefits, visit www.Nationwide.com/SocialSecurity. Financial professionals can visit www.NationwideFinancial.com/SocialSecurity.

Methodology
This survey was conducted online within the U.S. by The Harris Poll on behalf of Nationwide between April 25 and May 23, 2022, among 1,853 U.S. adults age 26+ (national sample), including 674 Millennials, 576 Gen Xers, 603 Boomers+. Data were statistically weighted as needed to bring them in line with the population of U.S. residents age 26+ from the 2020 Current Population Survey for age by gender, education, race/ethnicity, region, household income, marital status, and household size. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 2.9 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed population of interest. 

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building 21^st century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advice to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Nationwide leaders, recognizing the women and allies who have helped elevate, empower and enable them, are reflecting this month on their mentors and what they’re doing to help inspire and motivate others.

Elevate: Vinita Clements
I have been fortunate to have a network of so many women throughout my career who have helped elevate me to where I am today -- starting with a strong family of women who instilled strong values and provided a strong foundation for self-confidence. Many of my previous leaders have also served as informal mentors -- they took the time to know me and to understand my passions and were my biggest advocates in support of my development during stretch assignments. One thing I appreciated most from my leaders along the way was direct, constructive feedback. It wasn’t always easy to hear, but it empowered me to overcome challenges and become the leader I am today. 

I’ve recognized the importance of women supporting women and how it fuels each other’s success. It’s why I’m passionate about helping other women reach their potential through mentorships, formal programs and everyday opportunities, including ones where we celebrate each other’s success. I believe it’s my responsibility to pay forward the advice I was given, and help women dream bigger in ways they never thought possible. 

For women looking to develop their career at Nationwide, I’d say go for it! The investment in our people, the strength of our culture, and the resilience of our associates foster strong connections that will influence your career in positive ways. And, some of these connections will last forever.

Empower: Amy Shore
Many men and women have empowered me over the years. For example, a senior leader took me under her wing and provided me valuable coaching on how to navigate the executive ranks, a peer I “grew up with” in the company was my truth teller always sharing honest feedback, and several operations leaders have been so highly effective, they help me to focus on the big/strategic items.  

I have paid it forward through years of support for the All Women’s associate resource group and by hiring and promoting strong female leaders who have proven they are the best person for the job.  I continue to mentor and sponsor leaders from across the company.  

You own your career and defining what success looks like to you.  Nationwide and its leaders will help you achieve your goals if you consistently perform.  Don’t be afraid to ask for what you want.

Enable: Tina Ambrozy
I’ve been very lucky to have great mentorship from women and men throughout my career.  I was fortunate to work with a leader in Nationwide Financial when he first joined Nationwide who gave me opportunities to perform and deliver, encouraging me along the way to step out of my comfort zone and take on more. He advocated for me and enabled me to grow as a leader and person. I have never taken that for granted and I recognize how important his sponsorship has been to my success.  It’s everyone’s job to carry the kind of help and support that he showed me to those who are willing to do the work and bringing the energy and dedication to being the best version of themselves.  I believe growth and development is the responsibility of each individual, and our role as leaders is to meet them on the 50-yard line with support, coaching and feedback to help them drive the rest of the way down the field toward their goals.

For those looking to develop in their career, I encourage them to be brave and lean into opportunities that will allow for growth. That growth does not necessarily mean promotions or that you have to be a people leader, although it could.  It’s about not getting comfortable. Even individuals that enjoy their current roles have room for growth. I believe there is always room to be better, to make our work better. Stepping back from what we do and asking how we can improve and deliver greater impact is constantly top of mind for me and it affects how I approach each day.  It keeps our work interesting and expands our mindset on problem solving and on what opportunities we want to tackle. I’ve found that approach has rewarded me countless times throughout my career with stimulating work and new opportunities.

A culture that works for everyone
Nationwide is proud to be recognized for its diverse, equitable and inclusive culture where employees can develop their potential and bring their authentic selves to work each day. To view open positions, visit www.nationwide.com/careers.

Two 2020 surveys, conducted by The Harris Poll on behalf of The Nationwide Retirement Institute® both during and before the pandemic began, highlight concerns consumers have about Social Security. In fact, 63% think it is more important now than it was before to optimize Social Security and more than one in four who are eligible for Social Security (28 percent) say the pandemic has caused them to change their decision on when to file for benefits.

“Americans are facing complex retirement scenarios as a result of the COVID-19 pandemic and market volatility,” said Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide. “On top of this, adults across generations lack a basic understanding of Social Security benefits and ways to maximize those benefits.”

Concern about saving enough and being financially prepared for retirement was present even before the pandemic. A majority of adults worried Social Security would run out of funding in their lifetime before COVID-19 (79% Millennials, 81% Gen Xers, 66% Boomers+), and many feel they will need to continue working because Social Security won’t pay enough (75% Millennials, 72% Gen Xers, 48% Boomers+).  

Better understanding of Social Security is needed

As consumers assess their plans for retirement, general misconceptions and uncertainty around Social Security need to be addressed to ensure adults plan effectively and can maximize benefits. Less than half of each generation are confident in their knowledge of Social Security (44% Millennials, 40% Gen Xers, 37% Boomers+). Common misconceptions and uncertainties include:

• The (incorrect) belief that if adults claim benefits early, their benefits will go up automatically when they reach full retirement age (Only 45% Millennials, 49% Gen Xers, and 69% Boomers+ correctly identify that this statement is false)
• Not understanding eligibility – nearly all Millennials (97%), most Gen Xers (90%), and over three in four Boomers+ (80%) incorrectly identify the age at which they are eligible for full benefits
• Fewer than one in ten adults know all of the factors that determine the maximum benefit (4% Millennials, 6% Gen Xers, 7% Boomers+)
• Half or more say they do not know how much of their income will be replaced in retirement by Social Security (49% Millennials, 49% Gen Xers, 57% Boomers+)

Americans believe the system needs to change

While two thirds of Millennials (67%), compared to 61% of Gen Xers and 51% of Boomers+, believe there will be cuts to Social Security under the current administration, funding isn’t the only concern.

A majority across each generation believes the Social Security system is in need of change (82% Millennials, 85% Gen Xers, 80% Boomers+). To keep Social Security financially viable in the future, most of them support ideas such as:

• Privatizing a small portion of Social Security benefits so people are free to invest that portion as they see fit (64% Millennials, 61% Gen Xers, 51% Boomers+)
• Applying cost of living increases for Social Security benefits only to lower- or middle-income households (62% Millennials, 70% Gen Xers, 63% Boomers+)
• Eliminating the payroll tax earnings cap, which limits the amount of income that can be taxed for Social Security (61% Millennials, 61% Gen Xers, 63% Boomers+)
• “Means testing” where people above a certain income threshold would receive no or reduced benefits (58% Millennials, 60% Gen Xers, 53% Boomers+)

The pandemic has consumers looking to financial professionals for guidance

Given the lack of knowledge of Social Security across generations, the need for guidance from financial professionals is significant.

Most are open to learning more about Social Security, particularly Millennials (94%) and Gen Xers (92%) (compared to 84% of Boomers+). Among them, 29% of Millennials, 25% of Gen Xers and 13% of Boomers+ would prefer to talk with a financial professional to learn more about Social Security. Further, most adults who either work with a financial advisor or plan to ask one about Social Security (86% Millennials, 93% Gen Xers and 74% Boomers+) say if a financial professional could not show them how to maximize their Social Security benefits, they would find one who could.

“With so much uncertainty, many people are looking for help in identifying ways to take better control of their finances. In fact, in an April poll we found that one in four adults (24%) say they have reached out to a financial professional for the first time as a result of the pandemic*,” Ambrozy said. “Preparing for retirement holistically by working with a financial professional and using online tools can help Americans better understand their options and achieve their retirement goals.”

Ambrozy adds that financial professionals can help consumers effectively and holistically prepare for the future by having more in-depth client conversations around understanding and maximizing Social Security benefits. The Nationwide Social Security 360 Analyzer® can help advisors assess a client’s goals to better advise on the optimal time to claim Social Security.

See how to make the most of your Social Security benefits at www.nationwide.com/ssinsights. Advisors can visit www.nationwidefinancial.com/ssinsights

Methodologies

The COVID-19 Social Security survey was conducted online within the United States between May 15-19, 2020 among 2,026 adults aged 18 and over by The Harris Poll on behalf of The Nationwide Retirement Institute via its Harris On Demand omnibus product.

Nationwide Retirement Institute’s seventh annual Social Security survey conducted February 19-March 6, 2020 among 1,727 U.S. adults age 24 or older who currently collect or plan to collect Social Security benefits.

Respondents for these surveys were selected from among those who have agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated. Data are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, and propensity to be online to bring them in line with their actual proportions in the population.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

The sixth annual surveyfrom the Nationwide Retirement Institute®, conducted online by The Harris Poll among 1,315 U.S. adults ages 50 or older who are retired, or plan to retire in the next 10 years, finds that nearly half (44%) say Social Security will be their main source of retirement income, followed by just 23% of older adults relying on their pension.

“Social Security is one of the most confusing retirement topics that America’s workers are facing today,” said Tina Ambrozy, president of sales and distribution at Nationwide. “In fact, our survey reveals fewer than one in 10 older adults know what factors determine the maximum Social Security benefit an individual can receive.”

To combat consumer misconceptions, there’s a need for greater understanding and education around Social Security. In fact, seven in 10 older adults (70%) believe they are eligible for full benefits before they actually are. On average, future retirees incorrectly believe they will be eligible for full benefits at age 63, and 26% think if they claim early, their benefits will automatically go up once they reach full retirement age.

Life events impact Social Security drawing decisions

On average, retirees say they began collecting Social Security at age 62. Current retirees that drew early say they needed the money to pay for living expenses (61%), to supplement their income (36%), because they were laid off (26%), had no other source of income (24%) or had health issues (22%). By contrast, future retirees expect to begin collecting benefits at age 65, on average. As a result of collecting benefits early, retirees are foregoing a progressively higher annual Social Security benefit (for each year they wait up to age 70) to be received over the course of their lifetime.

It’s no wonder workers take their Social Security benefit early; it is typically due to health reasons. One-third of retirees (33%) say health problems keep them from living the retirement they expected, and of those, more than three quarters (78%) say their health problems occurred earlier than expected (most often by 5 years or more). In addition, health care expenses keep nearly a quarter (24%) of retirees from living the retirement they expected.

“This data brings to light the importance of planning for health care costs in the years leading up to, as well as through retirement, to help decrease the likelihood of filing for Social Security benefits early and ensuring retirees are financially able to live the retirement they expected,” Ambrozy said.

Confidence in the market and Social Security is low

Retirees also expect a market downturn and have concerns about impacts to their investment portfolio. Nearly six in 10 future retirees (57%) think a recession will hit the U.S. in the next two years, and over one-fourth (26%) foresee it occurring in the coming year.

Future retirees’ worries also expand beyond market volatility and a potential recession – two-thirds (66%) worry that Social Security will run out of funding in their lifetime, 40% believe there will be cuts under the current administration and 83% believe the Social Security system needs changing.

Of those who recommend a change, about half believe the changes should include increased taxes on higher earners to increase funding (53%) and less taxation of benefits (47%). Even those with more investible assets agree: 55% of those with $250,000 or more and 48% of those with $1 million or more believe higher earners should be taxed more to increase Social Security funding.

“Many people feel the best way to improve the Social Security program is to raise taxes on high-earners to increase funding,” Ambrozy said. “Interestingly, our survey reveals that 69% of future retirees were surprised to find out a person making $150,000 a year pays as much in Social Security taxes as millionaires.”

Financial advisors can help

Only 22% of future retirees have a formal written retirement plan, and almost a third (30%) say they did less Social Security planning because it’s too confusing.

About one in three future (37%), recent (28%), and longer-term (30%) retirees currently work with a professional financial advisor. Those working with a financial advisor report:

• Receiving almost 15% more in benefits than those who do not – $1,551 versus $1,324
• Being less likely to plan to draw benefits before full retirement age – 68% versus 55%
• Being significantly less likely to draw Social Security early due to health problems – 7% versus 25%
• Being more able to do the things they wanted in retirement – 90% versus 56%

Of those who work with a financial advisor, around half (46%) of future retirees have received advice on how to handle Social Security.

Of those who have not received advice on Social Security from their advisor, 34% say that advice is something they expect. If a financial advisor could not show them how to maximize Social Security benefits, 76% of future retirees who currently work with – or plan to work with – an advisor say they would likely switch and find an advisor who could advise on Social Security.

“Social Security is a complex source of retirement income, often causing a disconnect between what consumers think their benefit will be compared to reality,” Ambrozy said. “Preparing for retirement holistically by working with advisors and taking advantage of online tools can help older adults maximize benefits and achieve personal goals.”

To help advisors work with clients on important claiming decisions, Nationwide’s free Social Security 360 Analyzer® provides a comprehensive look at Social Security filing strategies and helps position Social Security in the context of an individual or family’s retirement income needs.

Learn how to make the most of your Social Security benefits at www.nationwide.com/ssinsights. Advisors can visit www.nationwidefinancial.com/ssinsights

About the survey

The 2019 Social Security Survey was conducted online by The Harris Poll on behalf of Nationwide from February 11 to 21, 2019 among 1,315 U.S. adults aged 50 or older who currently collect or plan to collect Social Security benefits, and plan to retire within the next 10 years (“Future Retirees”, n=455), retired within the last 10 years (“Recent Retirees”, n=439), or retired more than 10 years ago (“10+ Retirees”, n=421). Data are weighted where necessary on age by gender, race/ethnicity, region, education, income, size of household, marital status, retirement status, and propensity to be online, to bring them in line with their actual proportions in the population.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.harrisinsights.com and connect with The Harris Poll on Twitter and LinkedIn.