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%) 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, 72% 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%, 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.

— Social Security will be a crucial source of income for many Americans, as 53% 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.

— Current retirees tend to rely 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.

— Most Americans are concerned about their future retirement funds 72% of Americans are concerned that their promised Social Security benefits won’t be paid to them upon retirement age. 10% said they don’t know if they’re concerned, and 6% said they’re not at all concerned.

Older Americans

Only 14% 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% 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% of unretired baby boomers (ages 60-78) and 56% 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% of non-retired millennials (ages 28-43) and 46% of Gen Zers (ages 18-27) expect to be reliant on Social Security benefits to pay necessary expenses when they retire:

Along gender lines, more men (57%) than women (50%) say they exSocial 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%) than women (50%) 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:

—Gen Zers: 9%

—Millennials: 16%

—Gen Xers: 16%

—Baby boomers: 11%

Retired Americans

More than three-quarters (77%) of current retirees are reliant on Social Security to pay necessary expenses — only 15% say they’re not reliant at all, and 2% 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% and 50%, respectively), the current state is that more female retirees than male retirees rely on Social Security to pay for their necessary expenses (82% and 72%, respectively).

Gen Xers

With a possible Social Security benefit cut on the horizon, only 6% of Americans say they aren’t at all concerned that their promised benefits won’t be paid to them upon retirement age. Another 10% 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:

—Gen Zers: 60%

—Millennials: 69%

—Gen Xers: 81%

—Baby boomers: 76%

Source: Bankrate survey, Oct. 9-11, 2024

Among current retirees, 71% are concerned that their promised benefits won’t be paid, 12% aren’t at all concerned, and 4% don’t know.

Among those who haven’t retired yet, 73% are concerned that their promised benefits won’t be paid upon retirement age, 5% said they are not at all concerned, and 11% 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:

—Gen Zers: 62%

—Millennials: 69%

—Gen Xers: 82%

—Baby boomers: 81%

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.”