Social Security has been an important safety net for Americans for nearly 90 years, and today, the majority of Americans expect to rely on it when they retire. However, a new Bankrate survey shows many people are concerned they won’t receive those benefits once they reach retirement age.
More than half (53 percent) of Americans who haven’t retired yet say they expect to rely on Social Security benefits to pay their necessary expenses once they retire, according to Bankrate’s new Social Security Survey. But at the same time, 73 percent are concerned that promised Social Security benefits won’t be paid to them upon retirement age.
Earlier this year, a federal report stated that the Social Security trust fund is projected to be exhausted in 2033. Unless Congressional lawmakers intervene, benefits could be cut by 21 percent, according to NPR. With so many Americans expecting to rely on Social Security after retirement, a cut to benefits could put future retirees’ finances at risk.
Bankrate’s data explores Americans’ thoughts on the future of Social Security and whether they still expect those funds to be there when they retire.
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Social Security will be a crucial source of income for many Americans
53% of Americans who haven’t retired yet expect to rely on Social Security benefits to pay necessary expenses once they retire, including 28% who expect to be very reliant.
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Current retirees tend to be reliant on Social Security
77% of current retirees are reliant on Social Security to pay necessary expenses. Only 15% say they are not at all reliant, and 2% don’t know how reliant they are.
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Most Americans are concerned about their future retirement funds
When asked about the projected depletion of the main Social Security trust fund by 2033 as predicted, the majority of both non-retired (73%) and retired (71%) U.S. adults say they are concerned about receiving their promised benefits if the fund does run out.
Bankrate data center
Every week, Bankrate publishes proprietary surveys, studies and rate data, providing the latest data-driven insights on the state of Americans’ personal finances — including credit card debt, homeownership, insurance, retirement and beyond.
The majority of older Americans expect to rely on Social Security in retirement
Social Security is as important to American finances as ever. Only 14 percent of non-retired Americans say they won’t be reliant at all on Social Security benefits to pay necessary expenses when they retire. (Another 15 percent don’t know if they’ll be reliant.)
The majority of people closest to retirement age say they’ll be reliant on Social Security: 69 percent of unretired baby boomers (ages 60-78) and 56 percent of Gen Xers (ages 44-59) say they’ll be reliant on Social Security benefits to pay necessary expenses when they retire.
In comparison, only 48 percent of non-retired millennials (ages 28-43) and 46 percent of Gen Zers (ages 18-27) expect to be reliant on Social Security benefits to pay necessary expenses when they retire:
Source: Bankrate survey, Oct. 9-11, 2024
Note: Percentages are among U.S. adults who are not retired.
Along gender lines, more men (57 percent) than women (50 percent) say they expect to be reliant on Social Security benefits to pay necessary expenses once they retire.
On the other hand, millennials and Gen Xers are the likeliest generations to say they won’t be reliant at all on Social Security benefits once they retire:
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Gen Zers: 9 percent
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Millennials: 16 percent
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Gen Xers: 16 percent
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Baby boomers: 11 percent
Retired Americans already depend on Social Security
More than three-quarters (77 percent) of current retirees are reliant on Social Security to pay necessary expenses — only 15 percent say they’re not reliant at all, and 2 percent don’t know how reliant they are:
Source: Bankrate survey, Oct. 9-11, 2024
Note: Percentages are among retired U.S. adults
While more men than women say they expect to rely on Social Security later in life (as mentioned earlier, 57 percent and 50 percent, respectively), the current state is that more female retirees than male retirees rely on Social Security to pay for their necessary expenses (82 percent and 72 percent, respectively).
Gen Xers are the likeliest generation to worry about their future retirement benefits
With a possible Social Security benefit cut on the horizon, only 6 percent of Americans say they aren’t at all concerned that their promised benefits won’t be paid to them upon retirement age. Another 10 percent don’t know how concerned they are.
Gen Xers will be 53 to 68 years old in 2033, and many will be retired or close to retirement. Today, Gen Xers are the likeliest generation to say they’re concerned their promised benefits won’t be paid to them upon retirement age:
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Gen Zers: 60 percent
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Millennials: 69 percent
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Gen Xers: 81 percent
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Baby boomers: 76 percent
Source: Bankrate survey, Oct. 9-11, 2024
Among current retirees, 71 percent are concerned that their promised benefits won’t be paid, 12 percent aren’t at all concerned, and 4 percent don’t know.
Among those who haven’t retired yet, 73 percent are concerned that their promised benefits won’t be paid upon retirement age, 5 percent said they are not at all concerned, and 11 percent don’t know. Generation-wise, baby boomers and Gen Xers who haven’t retired yet are the likeliest generations to be concerned that their promised benefits won’t be paid to them:
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Gen Zers: 62 percent
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Millennials: 69 percent
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Gen Xers: 82 percent
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Baby boomers: 81 percent
The future of Social Security benefits is unclear. Congress could take action and increase funding to Social Security by raising taxes, reducing retirement benefits or both, according to NPR. While no definitive action has been taken yet, the clock is running out: 1 in 5 Americans will be 65 or older by 2040, according to the Urban Institute.
“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 says. “The result is that the American public’s financial well-being is not being tended to.”
The bottom line
Ideally, Social Security payments should supplement Americans’ retirement savings, such as money in a pension, 401(k), Roth IRA or other retirement account. But in practice, many people haven’t saved enough to live entirely off retirement savings.
“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,” Hamrick says. “Americans must take it upon themselves to take proactive steps to secure their eventual retirements.”
If you’re interested in taking additional steps towards your retirement, consider contributing the maximum yearly amount to your retirement accounts and taking advantage of employer matches. Maximum yearly contributions have increased since 2024, according to the Internal Revenue Service (IRS):
2025 retirement account maximums
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Plan |
Contribution limit |
Catch-up limit (ages 50 and up) |
Catch-up limit (ages 60-63) |
|---|---|---|---|
|
401(k) and 403(b) |
$23,500 |
$31,000 |
$34,750 |
|
IRA |
$7,000 |
$8,000 |
N/A |
“It is prudent to regularly review retirement savings and the related investment strategy, while utilizing online retirement calculators, to ensure one is on track to meet those goals,” Hamrick says.
You can also use the Social Security Administration’s retirement plan tool to estimate how much you’ll receive, depending on when you plan to retire.
Learn more: Retirement planning checklist: 5 key steps to being financially prepared