PHILADELPHIA (KYW Newsradio) — Most working adults say they will rely on Social Security in retirement, but they’re not confident about getting it.
That’s according to a new survey published by Bankrate, which found that 53% of working Americans expected to rely on Social Security benefits for necessary expenses in retirement, but 73% were also concerned they won’t be available for them when the time comes.
Bankrate Senior Economic Analyst Mark Hamrick said the country is getting older, and it means its Social Security program is giving out more than it’s taking in.
"The main trust fund is expected to be depleted in about a decade and it appears there is a high degree of awareness about this issue,” he said.
Bankrate also found that Americans are struggling to save more and contribute to retirement funds amid rising costs of inflation.
“When you combine that with questions about the future of Social Security and its full funding, then we run into some real problems here,” said Hamrick.
The new Bankrate survey also found that nearly 80% of those currently retired rely on Social Security to pay for necessities.
As for his predictions on the future of Social Security, Hamrick doesn’t expect it to go away, but a cut in payouts could be in store if its future funding isn’t figured out soon.
In the meantime, he said to also contribute as much as possible to an employer-provided 401k if available.