More Americans expecting to rely more on Social Security

Less than two years after the nation narrowly averted an economic collapse, more non-retired Americans expect to rely more heavily on Social Security rather than retirement income from other sources. 

The percentage of people expecting Social Security as their major source of income rose to 34 percent this year from 27 percent in 2007, the largest percentage of people since 2001, according to a Gallup poll released Thursday.

The biggest change came on the housing front, as one-third fewer people said they wouldn't rely on home equity for retirement -- down to 20 percent this year from 30 percent in 2007, before the recession caused a decline in home values. The recession began in 2007. 

In 2010, a majority of non-retirees -- 45 percent -- expected to use their 401(k) and other retirement accounts, falling 7 percentage points from 54 percent three years ago, according to the poll. 

Overall, 23 percent expect to rely on work-sponsored pension plans, down 8 percentage points, 20 percent are looking to individual stock or mutual fund investments as their primary source of income, down 4 percentage points. 

On the other hand, a majority of retirees -- 54 percent -- said in a 2008 poll that they expected Social Security to be their major source of income. Pension plans came in second at 37 percent followed by 401(k)s and IRAs at 22 percent and home equity at 20 percent.