A new Transamerica Center for Retirement Studies (TCRS) survey reveals deep anxiety about Social Security's future. Polling over 10,000 U.S. adults in late 2024, TCRS found **71% of non-retirees worry Social Security won't be available when they retire**. This concern ranks as Americans' second-greatest retirement fear (37%), trailing only declining health requiring long-term care (39%).
The Looming Crisis
Social Security, a cornerstone of retirement income for 90 years, faces projected insolvency by 2034. According to the Social Security Trustees, its trust funds will deplete by then, triggering an automatic **21% benefit cut** unless Congress acts. Despite proposals like the Fair Share Act or raising the retirement age, lawmakers have made no meaningful progress.
Expert Insights
Financial planner Doug Carey attributes the fear to **political inaction across administrations**: "Most politicians avoid touching benefits, fearing it will hurt their reelection chances." Jackson Ruggiero of DisabilityGuidance.org agrees, noting people distrust Congress to fix the program in time, leading many to adjust retirement plans.
Planning for Uncertainty
Americans are already adapting:
* **63%** doubt they'll save enough for retirement.
* **32%** expect Social Security to be their primary retirement income (reliance is higher among women: 59% of retired women vs. 47% of men).
* Many assume **25-50% benefit cuts**, planning to retire later, save more, or reduce spending. Some claim benefits early at 62 to "lock in" payments.
The Path Forward
Ruggiero advises a balanced approach: "Plan like benefits might be reduced, not gone. Save now, use employer plans, and delay claiming Social Security if possible for higher payments." Carey warns Congress likely won't act until 2033, when cuts become imminent.
Historical Context & Call to Action
This isn't Social Security's first funding cliff. Reforms in the early 1980s addressed a similar crisis. As TCRS CEO Catherine Collinson states, Social Security provides a crucial guaranteed income. With trust fund depletion looming, she urges policymakers to enact reforms ensuring the program's sustainability for the next 90 years.