Social Security Benefits: Gen X's Concerns Over Future Payments

Understanding Gen X's Concerns about Social Security Benefits

The majority of Generation X Americans are worried that they won’t get Social Security benefits paid out once they retire, according to a new survey released Thursday. The new Bankrate poll found that 81 percent of Gen X were concerned that their promised benefits will not be paid once they reach retirement age. Baby boomers placed second at 76 percent...

Survey Insights on Retirement Expectations

• Just 6 percent of Americans were not concerned that Social Security won’t be paid out to them upon retirement.
• Approximately 69 percent of nonretired baby boomers and 56 percent of Gen X said they will rely on Social Security to pay for expenses once they retire.
• For younger generations, around 48 percent of unretired millennials and 46 percent of Gen Z expect to rely on Social Security benefits.

Gender Breakdown in Expectations

When split by gender, more men, 57 percent, than women, 50 percent, said they expect to rely on the social safety program once in retirement.

Currently, 77 percent of retired Americans rely on Social Security while only 15 percent said they do not.

A Gallup poll released last December found that Americans were more optimistic about the future of Social Security than in recent years, with 50 percent expecting the program to pay them a benefit once they retire.

The Bankrate survey was conducted Oct. 9-11 among 2,492 U.S. adults.