Half of Employees Anticipate Depending on Social Security Benefits in Retirement, According to Bankrate
Many U.S. workers are worried that they won’t have access to Social Security benefits when they retire.
A recent survey by Bankrate reveals that a significant number of current workers are relying on Social Security benefits, but they are concerned about not receiving their monthly checks in retirement.
53 percent of Americans who have not yet retired plan to use these benefits to cover their living expenses after leaving the workforce, according to the study.
Despite the expectation of depending on these benefits, Mark Hamrick, senior economic analyst at Bankrate, notes that the financial future of the program is uncertain.
73 percent of U.S. workers fear that they won’t receive their monthly benefits once they retire.
The Congressional Budget Office projected in August that benefits will be reduced by 23 percent when the trust funds run out in 2034. This concern has not been addressed adequately by elected officials, leading to neglect of the public’s financial well-being.
President-elect Donald Trump promised to eliminate taxes on Social Security benefits, but experts warn that this could worsen the program’s financial situation.
An independent policy organization projected that Trump’s proposal could make the program insolvent earlier than expected.
Trump aims to address the program’s deficit by growing the economy and expanding oil and gas drilling, but critics raise concerns about the impact on the financial stability of Social Security.
Shannon Benton from The Senior Citizens League has reservations about Trump’s plan, emphasizing the delicate balance between protecting Social Security and supporting seniors.
Reforming the Social Security System
Surveys indicate growing concern among Americans about the state of Social Security, with fears of benefits being unavailable in retirement.
A Gallup poll found that 80 percent of adults under 65 are worried about the availability of benefits in retirement.
A survey by the Nationwide Retirement Institute revealed that 23 percent of respondents believe they won’t receive benefits when they retire.
Lawmakers have discussed various ways to improve Social Security’s finances, including raising the eligibility age and adjusting the COLA formula.
