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A troubling report on Social Security Trust; Utahns rely on it more than most

Posted at 6:43 PM, Jun 06, 2018
and last updated 2018-06-06 20:43:38-04

SALT LAKE CITY -- An alarming report from the board of trustees for Social Security and Medicare serves as a reminder: Utahns need to save more for retirement.

The New School Schwartz Center for Economic Policy Analysis (SCEPA) looked at how much retirees depend on Social Security in each state. In Utah, the average retired person gets 60 percent of their income from the federal program.

SCEPA recommends a retirement plan with enough savings to account for at least 50 percent of income. reported in 2017 that 55 percent of Utahns had less than $1,000 in a savings account, and Utah had the fourth lowest percentage of respondents with more than $300,000 in retirement savings.