According to the Employee Benefit Research Institute's 2014 Retirement Confidence Survey, 24 percent of workers age 55 and over have saved less than $1,000 for retirement. A third of that age group still think they can retire comfortably on less than $250,000 in savings. 

With the average 401(k) balance in 2011 only a little more than $58,991, according to EBRI, it's plain to see that Social Security is going to be very important for many Americans once they retire, assuming they do.

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