Concerns About Social Security Benefits Rise

According to a new survey, three-quarters of American workers fear they won’t receive the Social Security benefits they were promised upon retirement. This concern isn’t new, but it feels like anxiety is creeping up even more.

A recent Bankrate survey reveals that 76% of workers and 80% of retirees are worried about receiving their benefits. This is a slight increase from last year, when 73% of workers and 71% of retirees shared similar worries.

There are valid reasons for this anxiety. Projections suggest that by 2034, Social Security could run into funding issues, potentially depleting its cash reserves. When that happens, the federal government might only be able to pay about 81% of the expected retirement benefits, as outlined in an AARP analysis.

Approaching deadlines like this can be quite stressful for workers and retirees—many are certainly marking dates on their calendars.

Mark Hamrick, a senior economic analyst at Bankrate, commented that, “Funding issues have become more quantitatively threatening in recent years.”

Are People Losing Faith in Social Security?

This sense of unease could be linked to recent turmoil within the Social Security Administration, particularly with significant layoffs, shifts in policy, and leadership changes during 2025.

In a speech to Congress, President Trump raised concerns about government agency integrity, hinting at “shocking levels of incompetence and possible fraud.” Critics in Congress are worried that he might have plans to privatize Social Security.

This mix of potential bankruptcy and governmental dysfunction has understandably shaken public trust. An AARP investigation from July found that only 36% of Americans have confidence in the future of Social Security, a decline from 43% in 2020.

As fear mounts, some individuals are opting to claim Social Security early, thinking it’s safer to secure benefits sooner rather than later.

According to a recent AARP survey, nearly a quarter of Americans between the ages of 62 and 66 have claimed or plan to claim Social Security benefits early in the last year.

Increased Claims for Social Security

During a recent internal meeting, officials noted that new benefit claims surged over 15% in March compared to the same month in 2024. Altogether, there was an increase of 1.7 million retirement benefit claimants in the first eight months of 2025, which surpasses the total for all of 2024.

This uptick can be attributed to both concerns over Social Security funding and new laws enhancing benefits for civil servants.

For many retirees, claiming early might not be the best choice. Although you can start claiming benefits as early as age 62, waiting longer—up to age 70—can significantly increase your monthly benefits.

Research shows that many people would be better off waiting based on average life expectancies.

Social Security plays a crucial role in funding retirement for many. A recent Bankrate survey revealed that 52% of workers rely on it for retirement income, while 78% of retirees still depend on it. Interestingly, reliance on Social Security seems to be increasing, with an AARP study showing that 65% of retirees now rely “significantly” on it, an increase from 51% in 2005.

What Will Congress Do About Social Security?

To “fix” Social Security, Congress would have to explore ways to enhance the program’s viability, possibly by raising the “full” retirement age or increasing taxes. They could also seek to borrow funds.

There’s debate over whether Congress will actually let Social Security fail. Some experts, like Emily Eakins from the Cato Institute, believe action will be taken to avoid drastic benefit cuts, asserting, “I don’t think we’re going to just accept a quarter cut in benefits.”

In contrast, Bankrate’s Hamrick expresses more skepticism, suggesting there’s little to support confidence that Congress will address this pressing issue. He adds, “The current path is unstable.”