Here's what advisors suggest for workers concerned about Social Security's ability to pay retirement benefits.

• Many non-retired Americans worry that their Social Security benefits may not be paid if the retirement trust fund runs out of money.
• It is advised by financial advisors to defer claiming to receive the largest monthly payments.

A recent Bankrate survey reveals that many Americans are worried about the future of Social Security when its retirement trust fund is projected to run out in 2033.

Over 70% of both non-retired and retired adults expressed concern about not receiving their benefits if the trust fund depletes. The October survey involved 2,492 participants.

The study shows that 81% of working baby boomers and 82% of Gen Xers worry about not receiving their benefits at retirement age if the trust fund is depleted.

Mark Hamrick, senior economic analyst at Bankrate, stated that when someone faces the possibility of losing their full-time job, the importance of securing financial support becomes clear.

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A significant number of millennials and Gen Zers share the same level of concern, with 69% and 62% respectively, according to a survey.

The monthly benefit payments of Social Security, which reach more than 72.5 million beneficiaries, including Supplemental Security Income beneficiaries, are funded through trust funds.

Payroll taxes provide a consistent source of income for Social Security, while trust funds help to supplement benefit payments. Social Security's actuaries predict that the fund that pays retirement benefits will be depleted in 2033. At that time, an estimated 79% of benefits will still be payable.

What financial advisors are telling clients now

Frequently, financial advisors receive inquiries from clients regarding the future of Social Security, and they typically advise their clients to defer claiming benefits if feasible.

Individuals can receive Social Security retirement benefits as early as age 62, but this comes with a permanent lifetime reduction. Waiting until full retirement age, which ranges from 66 to 67 based on birth date, allows individuals to receive 100% of the benefits they've earned.

Retirees can receive an 8% annual increase in benefits if they choose to delay retirement past the full retirement age until age 70.

George Gagliardi, a certified financial planner and founder of Coromandel Wealth Strategies in Lexington, Massachusetts, stated that he informs his clients that Washington lawmakers are unlikely to ignore the depletion of Social Security's trust fund and leave its solvency unaddressed by the deadline.

If possible, it may be beneficial to delay claiming Social Security benefits until age 70, unless there is a critical situation that requires early claiming, according to him.

"Gagliardi stated, "In essence, you should aim for longevity when considering the uncertainty of life's duration.""

It is crucial for retirees to be aware of the possibility of outliving their financial resources.

CFP David Haas, owner of Cereus Financial Advisors in Franklin Lakes, New Jersey, stated that Social Security is "inflation indexed longevity insurance." This means that benefits are automatically adjusted for inflation, making it difficult to match when purchasing an insurance product like an annuity.

Haas stated that it's impossible to find that elsewhere.

According to Bankrate, more than a quarter of non-retired adults expect to be "very" reliant on Social Security in retirement, with older individuals expecting to be more dependent on the program. The survey found that 69% of non-retired baby boomers and 56% of non-retired Gen Xers expect to rely on the program.

In order to avoid relying heavily on Social Security for retirement income, it is recommended to save earlier and for a longer period, according to Haas.

Over a longer period, you should compound your savings to gain flexibility, according to Haas.

Many Americans prioritize addressing cost-of-living challenges over saving for a long-term nest egg, according to a Bankrate survey. The top three economic concerns now are inflation, health care costs, and housing affordability.