Experts advise on how to address the concern of 72% of Americans that Social Security may deplete during their lifetimes.

• Numerous Americans harbor doubts about the availability of Social Security benefits during their retirement.
• Addressing the looming Social Security funding shortfall may result in changes to benefits.
• It is unlikely that Social Security benefits will be eliminated entirely, according to experts.

When workers contribute to Social Security during their working years, they can expect to receive benefits upon retirement.

A survey from the Nationwide Retirement Institute reveals that 72% of adults worry about Social Security running out of funding during their lifetimes.

23% of people do not anticipate receiving any Social Security benefits despite having earned them.

According to a survey conducted by Nationwide, adults aged 18 and above, specifically millennials and Gen Xers, are most worried about the program's funding running out.

The presidential election may have implications for Social Security and Medicare. A Harris presidency could potentially impact a middle-class tax credit. JD Vance previously urged the GOP to fight for student loan forgiveness.

The uncertainty of the program's future funding status has led to pessimism, as the trust fund that pays retirement benefits is expected to deplete by 2033, leaving only 79% of benefits payable.

In the upcoming November presidential election, it is anticipated that voters will give great importance to the candidates' positions on resolving Social Security issues.

Experts say that fears about Social Security benefits running out are exaggerated.

According to David Blanchett, managing director and head of retirement research at PGIM DC Solutions, the chances of it disappearing entirely are extremely low, as he recently stated on bizfocushub.com.

Nevertheless, Americans shouldn't worry that Social Security will disappear, as it is possible that high earners may receive a reduced income replacement rate, he said.

Blanchett stated that Americans will mostly have access to a public pension system.

It is unlikely that future Social Security benefits will be completely eliminated, according to Joe Elsasser, a certified financial planner and president of Social Security claiming software company Covisum, as he recently stated on bizfocushub.com.

"Elsasser stated that it is reasonable to anticipate a benefit reduction for younger individuals. However, assuming that there will be no benefit cut at all is an incorrect assumption."

Most Americans don't fully understand Social Security

A survey by Nationwide revealed that although many Americans are concerned about the future of Social Security, they lack a comprehensive understanding of how the program operates.

Tina Ambrozy, senior vice president of strategic customer solutions at Nationwide, stated that the results of the firm's 11th annual survey showed that the gaps had actually widened.

A majority of respondents, 51%, are unsure about how to optimize their Social Security benefits, while 33% are uncertain about when they will be eligible for full retirement benefits.

A recent study by the National Institute on Retirement Security revealed that only 11% of Americans are certain about the amount of Social Security benefits they will receive.

Blanchett explained that Social Security retirement benefits are determined by averaging the top 35 years of wages.

If you begin contributing to a program through payroll taxes at age 20 and continue until age 65, you will have a 45-year wage history. Social Security will utilize your highest 35 earning years to determine your benefit.

Beneficiaries have the flexibility to choose their retirement benefit amount and can optimize their benefits.

You can choose to claim retirement benefits at age 62 or wait until age 70, the maximum age. At age 62, you will receive a permanently reduced benefit. Alternatively, if you wait until full retirement age, which is between 66 and 67 based on your birth year, you will receive 100% of the benefits you earned.

Experts suggest waiting until age 70 to receive the maximum Social Security benefit income.

NIRS recently discovered that many individuals are unaware of the highest age claim.

""Claiming the maximum benefit requires waiting until age 70, and the benefit is reduced proportionally for each month or year claimed before that age," Blanchett stated."

To be sure, waiting may not be the optimal strategy for everyone.

It is advised by firms nationwide and other professionals to consult with a financial expert to evaluate Social Security claiming options.

A retirement crisis may be imminent in the U.S. as many Americans are retiring with insufficient savings.

Blanchett believes that Social Security should help prevent the worst-case scenarios for Americans in their golden years by allowing them to make significant changes to their lifestyles.

Blanchett stated that if Social Security benefits were eliminated, there would be a crisis resulting in retired individuals being destitute and facing significant difficulties.