Social Security is by far one of the most popular government programs in the United States because it is essential to the financial security of many retirees.

And it will be just as important for American adults who have not yet retired.

It’s also why so many Americans are worried about how their benefits might change, given that the program is expected to experience a revenue shortfall in less than a decade. This would mean that there would only be enough income to pay for the majority of promised benefits, but not 100%.

More than half of non-retired U.S. adults (53%) said they expect to have to rely on Social Security to pay for necessary expenses, according to a new survey from Bankrate. Among people 60 and older – that is, those closest to retirement – ​​69% said they would rely on Social Security benefits, and 47% say they expect to be “ very dependent.

That figure is lower than the 77% of current retirees surveyed who said they rely on their benefits to pay for necessary expenses, the survey found. Of this group, 62% reported being “very” dependent.

This shouldn’t be surprising. Social Security benefits replace only part of Americans’ pre-retirement income. Your savings (and your pension if you have one) will have to make up the rest. And many Americans haven’t saved enough money or don’t have a large enough pension to provide enough retirement income for themselves.

“American workers tell us they feel behind in their retirement savings, and only about half say they believe they will be able to save as much as they need. Social Security is a critical safety net,” said Mark Hamrick, senior economic analyst at Bankrate.

Indeed, only 31% of non-retired adults surveyed said they did not plan to use Social Security benefits in retirement, and only 14% of them said they “won’t.” all » dependent on these services.

Determine how much you will receive from Social Security

How much Social Security will replace for you depends on many factors, including your average career earnings over 35 years and the age at which you start collecting them.

Take people who are 54 today with “average” average career earnings ($63,469 in 2022 by Social Security). Their “normal retirement age” is 67 to receive Social Security benefits. Under current law, if they retire in 2037, promised benefits are expected to replace 40.9% of their pre-retirement income, according to one study. analysis by the Social Security Administration.

But their payable benefits could be lower — replacing just 32.2 percent — if lawmakers make no changes to the program, which Social Security administrators say will generate less revenue by 2035 than it would. promises to pay.

And a majority of those surveyed by Bankrate – whether non-retirees or retirees – expressed concern about getting the full benefits promised.

It is unclear whether President-elect Trump will take steps in his second term to close the deficit — and, if so, what specific changes he would support. But if he succeeds in tackling what’s known as the third rail in politics, it will likely be a politically fraught effort, given the program’s importance to all Americans.

But, changes or not, Social Security benefits are designed to provide a higher replacement rate if you earn less, and a lower replacement rate the more you earn. For example, according to the Social Security Administration’s analysis, that same 54-year-old could see a replacement rate of between 55% and 76% if they had a low income (with an average career income of between about 16 000 and $76,000). $29,000). Or between 27% and 34% under current law if they earn an average of six figures.

When trying to determine how much you’ll need to save for retirement, it’s helpful to get an estimate from the Social Security Administration based on your specific income history. If you haven’t received a paper statement from the agency in a while, you may create an online account to access your estimates.

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