Worry is growing among Americans as concerns mount over the long-term future of Social Security. Once considered a reliable foundation for retirement, the system is now viewed by many with increasing skepticism and fear.
Surveys and economic forecasts reveal a dramatic shift in how people of all ages are approaching retirement planning, driven largely by the uncertainty surrounding Social Security funding and legislative gridlock.
Nationwide Concerns Over Social Security’s Stability
A 2024 survey by the Nationwide Retirement Institute found that 72% of U.S. adults worry that Social Security will run out of funding during their lifetime. These fears are especially pronounced among millennials (79%) and Gen Xers (77%).
Even baby boomers and Gen Z are expressing concern, with about two-thirds of both age groups reporting apprehension. A startling 23% of respondents believe they will receive none of the benefits they are entitled to.
These anxieties are rooted in the well-documented projection that the Social Security Trust Fund could be depleted by 2035 if no legislative action is taken. If that happens, beneficiaries may only receive about 75% of their expected payments, according to the Social Security Administration (SSA).
Debt and Financial Struggles Exacerbate Fears
Financial strain is amplifying worries about the future of Social Security. A recent survey of 2,000 Americans aged 55 and older revealed that more than half believe debt has significantly “held them back” in life. Over 72% of older Americans report holding some form of debt, primarily from credit cards, medical bills, and mortgages.
Nearly half of the respondents said they feel overwhelmed and fear they may never be debt-free. Many cited insufficient income, high interest rates, and limited retirement savings as primary reasons for their pessimism.
These findings suggest that many Americans may rely even more heavily on Social Security in their retirement years, intensifying concerns about the program’s longevity.
Retirement Planning Adjustments on the Rise
Given the uncertainty, many Americans are changing how they approach retirement. According to a 2025 Atticus study, over 80% of U.S. adults fear that Social Security funds will be significantly reduced or even depleted by the time they retire. Of those, 63% believe the system will be completely gone.
As a result, approximately 73% of those surveyed have altered their retirement savings strategy to account for a future without full Social Security benefits. This includes increasing personal savings, investing in private retirement accounts, and working longer into retirement age.
Gen Xers are among the most affected, with 81% saying the looming Social Security crisis has directly impacted their financial planning.
Pressure Mounts on Lawmakers to Act
There is growing bipartisan pressure on lawmakers to address the Social Security funding crisis. According to the same Nationwide Retirement Institute survey, 69% of Americans say a candidate’s stance on Social Security reform will significantly influence their vote in the upcoming presidential election.
Many Americans support policy proposals to increase the minimum retirement age from 62 to 64 and the full retirement age from 67 to 69 for future retirees. However, these ideas are also met with resistance, especially among low-income workers who may not be physically able to work longer.
Meanwhile, a separate report from the National Institute on Retirement Security reveals that 87% of Americans believe Congress should act immediately to stabilize the Social Security system. The same study shows that nearly 80% of respondents agree the country is facing a retirement crisis, a significant increase from 67% in 2020.
Technological and Operational Concerns
Operational challenges at the SSA are also fueling fears. Disruptions in online access, delayed confirmation votes for agency leadership, and a reported “war room” within the agency to manage upcoming legislative changes have added to the public’s anxiety.
These operational issues highlight the urgent need for better funding, streamlined digital services, and a stronger support system for beneficiaries.
How Americans Can Prepare
While legislative reform is essential, financial experts emphasize that individuals must also take proactive steps to prepare for the worst. This includes:
- Increasing personal retirement savings through IRAs or 401(k) plans
- Diversifying investment portfolios to reduce financial risk
- Creating emergency savings funds
- Seeking guidance from certified financial planners
These strategies can help individuals maintain financial security regardless of future changes to Social Security.
Conclusion
The fears surrounding Social Security reflect a larger, more systemic concern about retirement security in the U.S. With more Americans worried about their financial futures, it is crucial for lawmakers to act swiftly to reform and stabilize the system.
In the meantime, individuals should remain informed, plan strategically, and prepare for potential changes to the benefits they expect to receive.
For more on this growing issue, visit Nationwide’s full survey analysis.
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