Social Security has provided an important safety net for Americans for nearly 90 years, and today the majority of Americans expect to be able to benefit from it in retirement. However, a new Bankrate survey shows that many people fear they won’t receive these benefits once they reach retirement age.

More than half (53%) of Americans who have not yet retired say they expect to rely on Social Security benefits to pay for necessary expenses once they retire, according to the new survey from Bankrate on Social Security. But at the same time, 73 percent worry that promised Social Security benefits won’t come to them at retirement age.

Earlier this year, a federal report said that the Social Security trust fund is expected to be exhausted by 2033. Unless lawmakers in Congress intervene, benefits could be cut by 21 percent, according to NPR. While so many Americans expect to rely on Social Security after retirementA reduction in benefits could jeopardize the finances of future retirees.

Bankrate’s data explores Americans’ thoughts about the future of Social Security and whether they still expect those funds to be there when they retire.

• Social Security will be a crucial source of income for many Americans

  53% of Americans who have not yet retired expect to rely on Social Security benefits to pay for necessary expenses once they retire, including 28% who expect to be very dependent.

• Current retirees tend to rely on Social Security

  77% of current retirees rely on Social Security to pay for necessary expenses. Only 15% say they are not addicted at all, and 2% don’t know how addicted they are.

• Most Americans Worry About Their Future Retirement Funds

  Asked whether the main Social Security trust fund is expected to run out as expected by 2033, the majority of non-retired (73%) and retired (71%) U.S. adults say they are concerned about receiving promised benefits if the fund does it. exhaust yourself.

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Majority of older Americans expect to rely on Social Security in retirement

Social Security is more important than ever to American finances. Only 14% of non-retired Americans say they will not rely on Social Security benefits at all to pay for necessary expenses when they withdraw. (15% do not know if they will be addicted.)

The majority of people closest to retirement age say they will rely on Social Security: 69% of non-retired baby boomers (ages 60 to 78) and 56% of Gen 44 to 59 years old) declare that they will depend on social security. Security benefits to pay for necessary retirement expenses.

In comparison, only 48 percent of non-retired millennials (ages 28 to 43) and 46 percent of Gen Z (ages 18 to 27) expect to rely on Social Security benefits to pay for necessary expenses upon their retirement:

Source: Discount Rate Survey, October 9-11, 2024
Note: Percentages are for U.S. adults who are not retired.

In terms of gender, more men (57%) than women (50%) say they expect to rely on Social Security benefits to pay for necessary expenses once they retire.

On the other hand, Millennials and Generation X are the generations most likely to say they won’t rely on Social Security benefits at all once they retire:

American retirees already rely on Social Security

More than three-quarters (77%) of current retirees rely on Social Security to pay for necessary expenses – only 15% say they are not dependent at all, and 2% don’t know how dependent they are:

Source: Discount Rate Survey, October 9-11, 2024
Note: Percentages are for U.S. retired adults

While more men than women say they expect to rely on Social Security later in life (as previously mentioned, 57 percent and 50 percent, respectively), the current situation is that more retired women that many retired men depend on Social Security to pay their necessary expenses. spending (82 percent and 72 percent, respectively).

Gen Xers are the generation most likely to worry about their future retirement benefits

With a possible reduction in Social Security benefits on the horizon, only 6% of Americans say they are not at all concerned that promised benefits won’t come to them at retirement age. Another ten percent don’t know how concerned they are.

Generation Xers will be between the ages of 53 and 68 in 2033, and many of them will be retired or nearing retirement. Today, Gen

Source: Discount Rate Survey, October 9-11, 2024

Among current retirees, 71 percent are concerned that promised benefits will not be paid, 12 percent are not at all worried and 4 percent don’t know.

Among those who have not yet retired, 73 percent are concerned that promised benefits will not be paid at retirement age, 5 percent said they are not at all worried and 11 percent hundred don’t know. At the generational level, baby boomers and members of Generation X who have not yet retired are the generations most likely to fear that promised benefits will not be paid to them:

The future of Social Security benefits is unclear. Congress could act and increase funding for Social Security by raising taxes, cutting retirement benefits or both, according to NPR. Although no definitive action has yet been taken, time is running out: 1 in 5 Americans will be 65 or older by 2040, according to the Urban Institute.

“There is a vast gap between Americans’ concern about the looming Social Security funding shortfall and the lack of serious, in-depth discussion among elected officials about what to do about it,” says analyst Mark Hamrick Bankrate’s Chief Economics Officer. “The result is that the financial well-being of the American public is not being considered.”

The essentials

Ideally, Social Security payments should supplement Americans’ retirement savings, such as money from a pension, 401(k), Roth IRA or other retirement account. But in practice, many people I didn’t save enough live entirely on your retirement savings.

“American workers told us they felt behind on their retirement savingsand only about half said they thought they could save as much as they needed,” says Hamrick. “Americans must take it upon themselves to take proactive steps to secure their eventual retirement. »

If you want to take additional steps toward your retirement, consider contributing the maximum annual amount to your retirement accounts and taking advantage of employer matches. Maximum annual contributions have increased since 2024, according to the Internal Revenue Service (IRS):

2025 Retirement Account Maximums

“It is prudent to regularly review retirement savings and the associated investment strategy, while using online retirement calculatorsto make sure we’re on track to achieve those goals,” says Hamrick.

You can also use the social security service retirement plan tool to estimate the amount you will receive, depending on when you plan to retire.

Learn more: Retirement Planning Checklist: 5 Key Steps to Being Financially Prepared