More than half of non-retired US adults expect to rely on Social Security in retirement

Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security.

Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security. And it will be just as important for US adults who have yet to retire. That’s also why so many Americans worry about how their benefits might change given that the program in less than a decade is expected to have a revenue shortfall. That would mean there would only be enough revenue coming in to pay a majority of one’s promised benefits, but not 100%. More than half of non-retired US adults (53%) overall said they expect they will need to use Social Security to pay for necessary expenses, according to a new survey from Bankrate. Among those 60 and older — i.e., closest to retiring — 69% said they will be reliant on Social Security benefits, with 47% saying they expect to be “very reliant.” That is below the 77% of current retirees surveyed who said they are relying on their benefits to pay for necessary expenses, according to the survey. Of that group, 62% said they are “very” reliant. That shouldn’t be surprising. Social Security benefits only replace a portion of Americans’ pre-retirement income. Your savings (and pension if you have one) will have to make up the rest. And many Americans have not saved enough money or do not have a large enough pension to provide sufficient retirement income on their own.