(TheProudRepublic.com) – Americans’ retirement dreams are under threat and their future is uncertain as more than half of non-retired adults expect to depend on the Social Security program for their golden years.
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A shocking 73% of Americans are concerned they will not receive the Social Security benefits they have been promised.
This fear is well-founded, as the program trust fund is projected to be exhausted by 2033, potentially leading to a devastating 21% cut in benefits.
The impact of this looming disaster cannot be overstated – 77% of current retirees rely on Social Security for necessary expenses.
While older generations are most at risk, the crisis spans all age groups. A staggering 69% of unretired baby boomers and 56% of Gen Xers expect to rely on Social Security.
Even younger generations are at risk, with 48% of non-retired millennials and 46% of Gen Zers anticipating dependence on the program.
The gender divide in retirement planning is also evident, with more men (57%) than women (50%) expecting to rely on SS.
Bankrate Senior Economic Analyst Mark Hamrick said:
“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. The result is that the American public’s financial well-being is not being tended to.”
Despite the clear crisis, Congress has failed to take definitive action to address the shortfall in Social Security funding.
This inaction betrays hardworking Americans who have paid into the system their entire lives only to face uncertainty in their retirement years.
The situation is particularly dire for those aged 60 and older, with 69% expecting to rely on the program and 47% being “very reliant.”
Hamrick continued, “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.”
“Americans must take it upon themselves to take proactive steps to secure their eventual retirements,” he concluded.
As Social Security remains a cornerstone for American retirees, addressing its funding challenges is crucial.
The program was never intended to be the sole source of retirement income as a mix of savings and investments was envisioned.
Yet, with many feeling the pinch of inadequate savings, it becomes the default option.
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