Overview

• A Bankrate survey reveals that 73% of non-retired adults and 71% of retirees worry about Social Security's future solvency.
• The Social Security trust fund is projected to be depleted by 2033, potentially reducing benefits to 79% of current levels unless legislative action is taken.
• More than half of non-retired adults expect to rely on Social Security for necessary expenses, with reliance increasing among older generations nearing retirement.
• Financial advisors urge individuals to delay claiming benefits until age 70 if possible, to maximize payouts and account for longevity risk.
• Experts emphasize the importance of supplemental savings, as Social Security alone is insufficient to replace pre-retirement income for most Americans.