In a survey of people 65 to 69:
- Only the top 10 percent of all households has more in actual financial assets than they have in virtual Social Security wealth.
- Even at the seventh decile, Social Security wealth is twice as great as financial assets. This means that Social Security provides more income than financial assets provide for a very large majority of Americans.
- Pensions mean little to most households because most people don’t have them. Pension wealth registers at zero for the bottom 70 percent of all single-person households. It’s at zero for 60 percent for all married households.
Scott Burns in the DMN. Study by James M. Poterba et al.