At 90 Years Old, Social Security Counted On by 69% of US Population

Exactly 90 years ago today, then-President Franklin D. Roosevelt signed the Social Security Act of 1935 into law. The New Deal-era program remains relevant for most Americans, as 69% of those surveyed said they expect it to be a source of retirement income, according to a recently released report by the Transamerica Center for Retirement Studies and Transamerica Institute.

As Social Security faces depleted payouts as soon as the first quarter of 2034, nearly one-third of participants surveyed in fall 2024—32%—said they expect it to be their primary source of retirement income. That included 53% of surveyed retirees, 25% of those not yet retired and 59% of unemployed participants.

“Americans are paying into Social Security with the expectations of receiving the benefits they have been promised,” said Catherine Collinson, the CEO and president of Transamerica Institute and TCRS, in a statement. “Americans are anxious about the future of Social Security and what might happen to their benefits.”

Social Security was the most-frequently-listed retirement income source among those surveyed. While 56% of participants said they expect retirement income from their 401(k)s, 403(b)s and individual retirement accounts, only 29% expected to live primarily off funds from those retirement plans.

Company-funded pension plans were listed as a retirement income source by 24% of participants, but only 9% said they expect to live primarily off a pension.

More than one-quarter of participants—26%—said they expect to have income from working during their senior years.

Reliance on Social Security revealed a gender gap: 36% of women in the survey said it would be their primary source of retirement income, while 27% of men had similar expectations.

That reflects a far broader divide in retirement savings, as surveyed women who had not yet retired reported average savings of $35,000 and retired women reported an average of $79,000, compared with $67,000 for men not yet retired and $185,000 for retired men.

Not surprisingly, household income also influenced reliance on Social Security, with 52% of participants with a household income less than $50,000 saying they expected Social Security to be their primary retirement income.

That dropped to only 34% of those respondents with a household income of $50,000 to $99,000; 21% with a household income of $100,000 to $199,000; and only 13% of those with a household income of at least $200,000.

Future Without a Safety Net?

Last week, the Social Security Administration released an analysis showing that President Donald Trump’s One Big Beautiful Bill Act would deplete Social Security’s trust funds at a faster rate than previous estimates and would increase program costs by $168 billion over the next decade.

With cuts to Social Security benefits expected as soon as 2034, most survey participants shared concerns about the program’s long-term outlook well before Trump even took office. Of those not yet retired, 71% reported concern that Social Security would not exist by the time they reached retirement.

An average of seven out of every 10 survey participants also shared concerns that they would not save enough, even if they worked until retirement, but only 42% of retired participants said they did not have sufficient savings.

Asked about retirement fears, 37% of survey participants said they feared Social Security being reduced or ending. It was the second-most-cited fear, trailing long-term care due to declining health (39%) and more common than dementia or Alzheimer’s disease (32%) and losing independence (31%).

When asked what Congress should do to fix Social Security’s funding, only 5% of respondents said “nothing.” The most common suggestion, from 38% of respondents, was to increase the maximum earnings subject to the payroll taxes that fund the program. Other responses included increasing the Social Security payroll tax rate (35%), preserving retirement benefit payments for retirees in greatest need (28%), and raising the retirement age (22%). One-quarter of respondents did not have an answer.

“By implementing reforms to address [Social Security’s] funding shortfall, policymakers can ensure its sustainability for future generations,” Collinson said in the statement. “The sooner policymakers act, the more time people will have to react and adjust their retirement plans accordingly.”

To provide data for the report, the Harris Poll conducted an online survey on behalf of Transamerica Institute and TCRS, with 10,009 U.S. adults from September through October 2024.