According to a survey released on Thursday, the majority of Generation X Americans worry that they will not receive Social Security benefits once they retire.
Bankrate’s new poll shows that 81 percent of Gen Xers are concerned about not receiving promised benefits once they retire. Baby boomers ranked second with 76 percent. The Millennials ranked third with 69 percent while Generation Z ranked at 60 percent.
According to a poll, only 6 percent of Americans are not worried that they won’t receive Social Security at retirement. Another 10 percent don’t know how concerned or concerned they are.
Mark Hamrick, senior economist at Bankrate, said: “Social Security is a valuable backstop program for retirees and those who are planning to retire. However, the financial outlook of this popular program remains cloudy.”
The majority of Americans over 65 expect to depend on Social Security. Approximately 69 percent of baby boomers who are not retired and 56 percent of Gen X say they will rely upon the Social Security program to cover their expenses after retirement.
This figure is lower among younger Americans. According to the survey, around 48 percent of unretired Gen Z and 46 percent of millennials expect to depend on Social Security to pay their expenses in retirement. Only 14 percent of Americans who are not yet retired said that they would not rely on Social Security to pay their bills when they reach retirement age.
On a gender-based basis, more men (57%) than women (50%) expect to use the social security program in retirement.
According to a poll, currently, 77 percent of Americans who are retired rely on Social Security, while only 15 percent do not.
Gallup’s December 2012 poll found that Americans are more optimistic than in previous years about the future of Social Security. Fifty percent expect to receive a benefit from the program when they retire.
Bankrate conducted a survey of 2,492 U.S. adult consumers from October 9-11.
