This Generation Is the Most Anxious About Social Security Benefits — And It’s Not Boomers
Written by
Vance Cariaga
Edited by
Daria Uhlig
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Even though Social Security has been paying retirement benefits uninterrupted for more than 80 years, Americans still fret over its future. A new Gallup poll found that 80% of U.S. adults under age 62 are worried that Social Security will not be available when they are eligible to receive it.
The survey of 5,149 adults, conducted late last year and released earlier this month, found that among those ages 50 to 61, 81% are worried about Social Security. That’s up from 72% in 2022.
Much of the concern has to do with the looming depletion of Social Security’s Old Age and Survivors Insurance (OASI) Trust Fund. The fund is expected to run out of money in about a decade, leaving Social Security solely dependent on payroll taxes for funding. Those taxes currently fund about 77% of benefits.
The fact that Social Security still gets more than three-quarters of its funding from payroll taxes doesn’t seem to calm the nerves of folks who fear their benefits will suddenly disappear. That fear cuts across all generations, too.
Here’s how the results broke down by age group when respondents were asked if they are worried or extremely worried that Social Security will not be available when they are eligible:
- 18-29 years old: 71%
- 30-39: 80%
- 40-49: 86%
- 50-61: 81%
Gen Xers, born between 1965 and 1980, make up most of the 40-to-49 group, and most of the 50-to-61 group. Although most baby boomers were not included in the above survey question — probably because many are already retired and collecting Social Security — they did weigh in on other parts of the poll.
Gallup found that older Americans are the most likely to put a high priority on ensuring the future viability of Social Security and Medicare. Nearly nine in 10 (87%) of those age 65 or older assign the “highest priority” to these programs — double the percentage of 18- to 29-year-olds.
Another key finding is that nearly six in 10 Americans report they are “somewhat more likely” (37%) or “much more likely” (20%) to support a political candidate who makes issues affecting older Americans a top priority. This view is more widespread for older people, peaking at 77% among those ages 65 and above.
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