A clear majority of United States adults worry that they won't ever see the Social Security benefits that they paid into.
A new survey from Bankrate, conducted in October, polling 2,492 individuals, found that 73% of non-retired adults and 71% of retired adults believed they wouldn't receive their full Social Security benefits. Despite this anxiety, over half of nonretired adults say they expect to rely on Social Security once they retire.
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The most anxious group is Generation X, of which 81% expressed concern that they wouldn't receive their full Social Security benefits. They will be 53 to 68 years old in 2033, when the Social Security Administration estimates the retirement fund will be depleted.
Experts are urging citizens to take proactive measures to ensure a stable retirement.
“American workers have told us they feel they are behind on their retirement savings, and only about half said they believe they’ll be able to save as much as they’ll need,” Bankrate Senior Economic Analyst Mark Hamrick said. “Americans must take it upon themselves to take proactive steps to secure their eventual retirements.”
Social Security has long been considered a third rail of U.S. politics, with few politicians willing to offer solutions as how to either avoid the depletion date or deal with the program after.
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“There’s a vast divide between Americans’ concern about the looming Social Security funding shortfall and the lack of serious and thorough conversation among elected officials about what to do about it,” Bankrate Senior Economic Analyst Mark Hamrick said. “The result is that the American public’s financial well-being is not being tended to.”
After the fund runs out, Congress will likely raise taxes to keep paying for benefits as they are, raise the minimum retirement age, or cut retirement benefits.