Why So Many Americans Believe Social Security Is Going Away (Even Though It Isn’t)
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Imagine that you’ve always wanted to go skydiving. You plan ahead, pay for the tickets and watch the safety lessons. But the moment you actually jump out of the plane, you have an awful realization: There's no parachute.
The fear of falling without something to catch you is shared by almost everyone, and it's actually reflective of how many Americans view Social Security.
A study released this week by Northwestern Mutual shows that 45% of Americans say they aren't confident Social Security will be there for them when they need it. A separate poll by Transamerica Institute found that 72% of respondents say they're worried the benefit program won't be around when they retire.
What's behind this? Are these concerns valid?
Why are Americans worried about Social Security?
Whether it’s an immediate future or a distant goal, retirement is on lots of folks’ minds. Anxiety around funding retirement has persisted through recent economic tumult — and adding to it is a collective worry that Social Security will be going away, leaving the 67 million Americans who rely on its monthly payments high and dry.
