A record number of working Americans are concerned about the future of Social Security, with many saying they can't afford to retire without it.
New data from LendingTree reveals that 59% of non-retired Americans worry Social Security won't be available when they're ready to retire.
This concern is especially pronounced among Gen Xers, the demographic closest to retirement age, with 70% believing Social Security might not exist when they need it.
The uncertainty is creating financial anxiety for many workers, as nearly two-thirds of non-retired Americans say they cannot afford retirement without Social Security benefits.
In response to these concerns, more than a third of working Americans with separate retirement accounts have reduced their retirement contributions in the past year.
Millennials are the demographic most likely to have a retirement plan outside of Social Security.
“Americans are losing faith in one of the cornerstones of retirement planning. That fear is real and growing, and it’s leading to belt-tightening, anxiety and even political consequences," said Matt Schulz, Chief Consumer Finance Analyst at LendingTree.
Financial experts say it's still possible to save for retirement at any age, with the key being to start small and maintain consistent contributions.
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