For generations, Social Security has helped provide a dignified retirement for millions of Americans.
But even though the program was created in 1935, many people today — 45% — say they can picture a time when Social Security will cease to exist.
That is one finding of a survey of 2,381 American adults for Northwestern Mutual’s 2022 Planning & Progress Study.
Those who imagine Social Security’s demise must shudder at the thought: Survey respondents said they are counting on Social Security to provide 26% of their overall retirement income.
That is just slightly behind the 27% of funds they expect to get from a 401(k) plan or a similar retirement account.
The pessimism Americans feel about the future of Social Security might be tightly tied to their general downbeat outlook regarding the economy as a whole.
The survey found that a mere 43% believe the U.S. economy is strong, and just 35% believe inflation will subside by the end of 2022.
Should you worry about the future of Social Security?
There is no doubt that many Americans are anxious about Social Security’s future. But should they be?
A few years ago, Money Talks News founder Stacy Johnson addressed this very question. His take on the future of Social Security is optimistic:
“Social Security is highly likely to be around when you reach retirement. The reason is simple: There will always be a monster group of voters like me — I’m 63 — who can see the light at the end of the tunnel and will be super unhappy if we don’t get anything out of a pension we paid into for more than 35 years.”
However, Stacy acknowledged the program may look a bit different in the future. For more on what he had to say, check out “Will Social Security Still Be There When I Retire?”
More recently, Stacy addressed aspects of the nation’s retirement system in a podcast episode, “Got Social Security Questions? Here Are Some Answers.”