As worries regarding the future of Social Security increase, millions of American employees are anxious about the type of financial protection they are going to receive once they retire.
As per a survey done especially for Newsweek, 88% of Americans say they will depend on Social Security to support them during retirement and that the benefits are “very” or “reasonably” essential to them.
60% of respondents to the same study expressed “very” high fear about having their payouts cut before they quit. Only 4% of those surveyed stated they weren’t at all worried, while another 36% claimed they were “properly” or “little” concerned. Redfield & Wilton Strategies performed the poll, which took place on May 31 among 1,500 registered voters.
According to specialists, Americans have good reason to worry. The annual Social Security and Medicare trustees report, which was published in March, exposed the social programs’ terrible financial situation. According to the analysis, the Social Security trust fund is expected to run out in ten years and just be able to pay for 77% of the payments beginning in 2033.