Well folks, according to a new survey by Allianz Life Insurance Company of North America, a whopping 74% of people are saying “thanks but no thanks” to Social Security benefits when planning for their retirement. It seems like nobody wants to take any chances with this program, especially Gen Xers who clocked in with an impressive 84% lack of faith in the system. Yikes!
In what can only be described as a surprise to everyone, the folks over at Allianz decided to include questions about Social Security in their quarterly market perceptions study. Why? Well, according to them, it was in response to a recent increase in attention on the program in the news. Who knew people actually paid attention to the news these days?!
In late March, the Social Security Administration trustees issued a new annual report that showed the program’s trust funds have a bit of a shaky future ahead. Specifically, in 2034 (which is only one year away from the previous estimate), the program may only be able to pay 80% of the combined funds’ benefits. Suddenly, those retirement plans aren’t looking so bright and shiny anymore.
Unfortunately, those who were hoping to kick back and relax till the end may have to make do with an earlier retirement than expected. You may want to be sitting down for this: the insolvency date for the fund used to pay retirement benefits is even sooner than expected. That’s right, it’s only one decade away in 2033! At that point, only a measly 77% of benefits will be payable. Are we crying yet?
It seems that no one is safe from the impending Social Security doom. Even the AARP’s CEO, Jo Ann Jenkins, has spoken out about the need for steps to be taken to ensure the program’s solvency for the long term. It’s like the saying goes: when the AARP talks, we all listen.
The only thing up in the air now is what changes will be made to the program to prevent it from collapsing in on itself like a black hole. With so much uncertainty, it’s no surprise that people are getting even more antsy about their retirement plans. According to the survey, the worry about counting on Social Security in retirement was most prevalent with Gen Xers (again with those Gen Xers!), with a staggering 84% lacking in faith in the system! Even millennials came pretty close with 80%, but baby boomers seemed relatively chill at only 63%.

Serious News: cnbc