ATLANTA--(BUSINESS WIRE)--PlanGap, a product innovation company, today released the findings of its 2024 Social Security Confidence Survey. The results reveal persistent concerns among Americans aged 50 and older regarding the future of their Social Security benefits.
Survey respondents were provided the latest estimates released on May 6, 2024, from the Social Security Board of Trustees: the Trust Fund responsible for retirement benefits is projected to be depleted in 2033, at which time the government would only be able to pay 79% of scheduled benefits.
Two-thirds of respondents doubt that the government can solve Social Security funding challenges without reducing benefits.
“The overwhelming lack of confidence in the government's ability to solve Social Security's funding challenges is alarming,” said David Duley, Founder and CEO of PlanGap. “With a majority of respondents doubting that their benefits will remain intact, it is crucial for individuals to seek solutions that can safeguard their retirement plans. PlanGap is committed to providing innovative products that address these concerns and help retirees protect their financial future.”
Other Highlights from the 2024 Survey:
-
Concerns About Full Benefits:
- 68% of respondents expressed a great deal or a lot of concern that they may not receive their full Social Security benefits as promised. An additional 26% express a moderate or a little amount of concern, leaving only 6% of respondents reporting no concern whatsoever.
-
Role in Retirement:
- 58% of respondents believe that Social Security will play a major role in their retirement plan's success, and 26% say it will play a moderate role.
-
Emotional Impact of Potential Benefit Cuts:
- 82% of respondents feel frustrated, angry, scared, or nervous that benefit cuts will negatively affect their retirement plan’s success.
-
Stress Comparisons:
-
When asked to compare the stress of a potential 21% reduction in Social Security benefits to other stressful events:
- 15% compared it to getting into a car accident.
- 14% compared it to being diagnosed with cancer.
- 13% compared it to the death of a loved one.
- 9% compared it to a global pandemic.
- 9% compared it to getting divorced.
-
When asked to compare the stress of a potential 21% reduction in Social Security benefits to other stressful events:
-
Primary Solutions Expected:
- 66% believe the government will primarily reduce benefits.
- 17% expect the government will primarily increase payroll taxes.
- 17% predicted the government will primarily borrow additional funds.
PlanGap conducted an online survey, the 2024 Annual Social Security Confidence Survey, of 1,003 U.S. adults aged 50 and older following the publication of the Social Security Board of Trustees’ Annual Report on May 6, 2024.
About PlanGap: Headquartered in Atlanta and founded in 2017, PlanGap is a product innovation company that creates “trigger-based” annuity and life insurance products designed to address retirees' financial concerns. Through its insurance carrier partners, PlanGap empowers individuals to protect their retirement income from potential disruptions, offering solutions to ensure financial stability in the face of uncertain governmental promises. For more information, visit plangap.com.
