Most Americans are concerned about what may happen to Social Security when its retirement trust fund crosses a projected 2033 depletion date, according to a new Bankrate survey.
Nearly three-quarters, 73%, of non-retired adults and 71% retired adults say they worry they won’t receive their benefits if the trust fund runs out.
Social Security’s actuaries project the fund the program relies on to pay retirement benefits will be depleted in 2033.
Retirees can claim Social Security retirement benefits as early as age 62, though they take a permanent lifetime reduction.
Social Security is “inflation indexed longevity insurance,” said CFP David Haas, owner of Cereus Financial Advisors in Franklin Lakes, New Jersey.
Persons:
Gen Xers, someone’s, ”, Mark Hamrick, Zers, it’s, —, they’ve, George Gagliardi, ” Gagliardi, David Haas, ” Haas, Xers, Haas
Organizations:
Security, Bankrate, Social, actuaries, Social Security, Cereus Financial
Locations:
millennials, Lexington , Massachusetts, Franklin Lakes , New Jersey