A growing number of Americans are worried about retirement stability, with roughly 71 percent expressing concern that the Social Security program might not sustain them in their later years.
In the backdrop of a recent Social Security Administration announcement predicting that reserves for the fund are projected to become exhausted by 2037, a Transamerica Center for Retirement Studies survey issued in December, encompassing more than 10,000 people across various demographics, uncovers deep-seated anxieties about the future of the program amid economic instability and legislative uncertainties.
The survey found that Social Security plays a critical role for those nearing retirement, as fears of its reduction or elimination rank as the top concern among lower-income households, with anxiety spanning across racial and gender divides, pointing to a nationwide apprehension toward financial stability in retirement.
What Groups Are Most Concerned?
For households earning less than $50,000 annually, the dread of Social Security benefits being reduced or eliminated stands at 36 percent, while for those with incomes between $50,000 to $99,000, the fear jumps to 40 percent.
That contrasts with households earning between $100,000 and $199,000 and those earning more than $200,000, who are more concerned about outliving their savings and the costs of long-term care, with fears at 38 percent and 39 percent, respectively.