The majority of Generation X Americans are worried that their Social Security benefits will no longer be paid in retirement. According to new research It was released on Thursday.
A new Bankrate poll found that 81% of Gen Xers are concerned about losing promised benefits once they reach retirement age. Baby boomers came in second with 76%. Millennials came in third at 69 percent, followed by Gen Z at 60 percent.
The poll found that only 6% of Americans aren't worried about losing their Social Security benefits in retirement, and the remaining 10% don't know how concerned they are.
“Social Security is an important backstop for current and future retirees, but the financial outlook for this popular program is uncertain,” said Mark Hamrick, senior economic analyst at Bankrate.
The majority of older Americans expect to rely on Social Security. About 69% of non-retired baby boomers and 56% of Gen
This number is lower among young Americans. Approximately 48% of non-retired Millennials and 46% of Gen Z expect to rely on Social Security benefits for their retirement expenses, according to the survey. Only 14% of unretired Americans said they would not rely on the program to pay their bills once they reach retirement age.
By gender, 57% of men were more likely to rely on social safety programs after retirement than 50% of women.
Polls show that the majority of retired Americans (77%) now rely on Social Security, but only 15% say they don't.
A Gallup poll released last December found that Americans are more optimistic about the future of Social Security than in recent years, with 50% expecting the Social Security program to pay them benefits when they retire.
The Bankrate survey was conducted between October 9th and 11th among 2,492 US adults.
