As the Social Security Act completes 80 years since the law was signed, Americans are found to be having believed that the premier retirement program is in trouble and not many are confident that they will be able to draw their benefits.

A recent Gallup study has revealed that 66% of Americans are quite sure that they won’t receive the Social Security benefits. Even the millennials are of the same impression. The law, signed back in 1935 was the bedrock of retirement of lower and middle income groups as the private savings rate have diminished persistently over the years.

In another survey conducted by AARP, it was found that 80% of Americans plan to rely substantially on the Social Security as a source of income during retirement. As the individuals choose to live independently as they age, making savings becomes a big challenge and that is what makes Social Security benefits more important than ever after retirement.

The survey findings disclose that 47% people are not able to save for retirement as they are not left by much of money after paying their bills, while 69% focus on fulfilling their current financial needs and 39% were not able to save due to their medical expenditure.

Thus, they all depend on it for their retirement and this has become a concern for lawmakers and public policy experts. As more baby boomers retire in recent years, the program is running out of money eventually that may lead to cut down in benefits.

The budgetary implications of the program are huge and the money paid by working Americans in the form of Social Security payroll taxes flows out back as monthly payment to the beneficiaries. In the previous year, around 24% of the total federal budget went for Social Security. An analysis by the Center on Budget and Policy Priorities disclosed that in December 2014, 39 million retired workers received monthly retirement benefits. Moreover, 2.3 million dependents of retired workers including spouses and children were provided benefits, whereas 10.9 million eligible dependents of disabled workers and 6.1 million surviving spouses and children of deceased workers were provided benefits in December 2014.

There have been continuous warnings from fiscal watchdog groups, government officials and Capitol Hill related to the declining trust of people in the program and their concern over the future of their benefits. Social Security as compared to other programs that are likely to run out of money, is under immediate danger. The program, comprising of two trust funds, one is Disability Insurance Fund and other is Retirement Benefits. Together they contain money to assure payments till 2034, but taken individually, then the former is likely to run out of money by 2016.

Thus, an approval by Congress and the White House for transfer of funds between the two is needed or else the due benefits would be cut to 81%. Obama administration and lawmakers have taken the matter as priority and agreed to support it, but still nothing can be said as to how the situation can be controlled.

Dovetailing the facts and figures, this distrust among two-third of Americans relating to the future of their Social Security Benefits, indicates a major red flag for the economy. These benefits are the most relied upon source of income and must be restored as the financial base for retirees. Thus, the legislative and executive action must be taken promptly to fix the matter so that the citizens must not face challenges or huge cuts in their retirement benefits.