Paul Unnasch, a 27-year-old technical writer from Milwaukee, notices the $335 in payroll taxes deducted from his paycheck each month for Social Security and wishes he could have that money back.

“If there were an option to opt out of Social Security, I would,” Mr. Unnasch said. “I don’t fully trust the system. I know I’ll probably receive some benefits, but with people living longer and a large generation of baby boomers retiring, it doesn’t seem sustainable.”

As someone who saves aggressively, putting away 20 percent of his income into retirement accounts, Unnasch would prefer to invest that Social Security tax money into the stock market or pay off his student loans instead.

Mr. Unnasch’s views on Social Security are common among younger Americans. Research shows that younger generations are more skeptical of the program’s future than older ones. According to Gallup polling, only 37 percent of Americans aged 30 to 49 expect to receive Social Security benefits upon retirement, compared to 66 percent of those aged 50 and older.

While Social Security is not on the verge of disappearing, the concerns of younger people are understandable.

Last year, the Social Security retirement and disability trust funds held $2.79 trillion in reserves, but since 2010, expenses have exceeded non-interest revenue due to low birth rates leading to fewer workers paying into the system and more people drawing benefits. The reserves are expected to be depleted by 2035. At that point, the program would generate enough revenue to pay only 83 percent of the promised benefits to both current and future beneficiaries, according to projections by the Social Security trustees. This shortfall would result in a 17 percent reduction in benefits.

For younger workers, such a cut would be particularly significant. In fact, their benefits have already been indirectly reduced by legislation passed in 1983, which raised the full retirement age to 67. This move effectively cuts benefits by about 13 percent because it forces workers to wait longer to receive their full retirement benefits. Proposals to raise the retirement age further, to 69, would result in an additional 13 percent reduction, according to estimates from the Congressional Budget Office.

“The impact of raising the retirement age would disproportionately affect millennials and future generations,” said Richard Johnson, director of the retirement policy program at the Urban Institute. “Low-income beneficiaries, who depend the most on Social Security, would be hit the hardest.”

Democrats and Republicans offer different approaches to addressing Social Security’s solvency issues.

Vice President Kamala Harris, the Democratic presidential candidate, supports restoring solvency by increasing taxes on the wealthy. Congressional Democrats have introduced proposals to expand benefits, which Harris supported during her time in the Senate. These ideas include raising the payroll tax cap for higher-income individuals and introducing new revenue streams, such as taxes on investment income.

Former President Donald J. Trump, the Republican candidate, has vowed not to cut Social Security but has not explained how he would maintain the program’s solvency without reducing benefits or raising taxes. He has also suggested eliminating the tax on Social Security benefits, which could accelerate the depletion of trust fund reserves by up to two years, according to the nonpartisan Tax Foundation. Meanwhile, Congressional Republicans have proposed gradually raising the retirement age to implement further benefit reductions.

The Heritage Foundation’s “Project 2025,” a blueprint for a potential second Trump administration, does not mention Social Security reform, though the foundation has previously supported raising the retirement age to 69 and linking it to future increases in U.S. life expectancy.

Here are some key factors that younger workers should consider when evaluating Social Security.

Confidence Grows with Age

Concern about whether Social Security will still exist in the future has long been a topic among younger generations. Research from the National Institute on Retirement Security shows that age plays a significant role in shaping these views.

“As people age, their confidence in receiving Social Security benefits increases,” said Tyler Bond, research director at the institute. However, he noted that young people’s skepticism does not necessarily indicate a lack of support for the program. “We should be cautious in assuming that younger generations are unwilling to support changes to Social Security.”

Furthermore, surveys conducted over the past four decades indicate that a large majority of Americans, regardless of age, race, or political affiliation, support maintaining or increasing funding for Social Security.

The program’s importance for younger people extends beyond retirement. Around 25 percent of Social Security beneficiaries are not retired workers; they include individuals receiving disability benefits and survivors of deceased workers, including children. In fact, roughly one in eight children receive Social Security or Supplemental Security Income benefits by the time they turn 18.

“When young people ask if Social Security will be there when they retire, I remind them that it’s already here for them now,” said Rebecca Vallas, CEO of the National Academy of Social Insurance. “Social Security is often viewed as a retirement program, but it’s a broad insurance system that offers vital economic protection throughout life.”

For instance, the Social Security Administration estimates that the survivors’ benefits for a young worker with average earnings who dies, leaving behind a spouse and two children, are equivalent to a life insurance policy worth $930,000.

“That’s a significant safety net,” said Kathleen Romig, senior adviser to the commissioner of Social Security. “If a parent passes away, it can be a massive loss of income for a family. This benefit serves as a life insurance policy for surviving children.”

While exact numbers are not readily available, Romig mentioned that some eligible families may not be receiving these benefits. To verify eligibility, individuals can contact Social Security’s toll-free number at (800) 772-1213.

A Gap Between Expectations and Reality

Financial planners who work with younger clients often take a conservative approach when estimating Social Security benefits in retirement plans, which mirrors the skepticism of their clients.

“Younger clients tend to be fairly pessimistic,” said Austin Preece, a certified financial planner based in Eau Claire, Wisconsin. “Many are focused on saving as much as they can, without factoring in the potential impact of Social Security.”

However, Social Security tends to play a more crucial role in retirement income than people expect. According to Gallup polling, 58 percent of retirees describe Social Security as a “major source” of income, compared to only 35 percent of working-age adults who expect it to be. The opposite is true for savings accounts like 401(k)s and IRAs—50 percent of workers expect these to be a major income source, while just 29 percent of retirees report them as such.

Gallup data shows that this disconnect has persisted for the past 20 years. A primary reason is that many retirees’ savings accounts fall short of their financial needs. In 2022, the median retirement account balance for workers aged 55 to 64 was $185,000, according to the Federal Reserve. Moreover, savings for low-income workers have seen a decline in recent years.

Social Security often exceeds expectations due to its unique design, according to Christine Benz, director of personal finance at Morningstar and author of “How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement.”

“Social Security has all the features you’d want in an ideal retirement income source,” she said. These features include guaranteed lifetime income, spousal benefits after death, and automatic annual cost-of-living adjustments.

“You won’t find these benefits in any investment portfolio or annuity,” she added.

Social Security also provides stability during economic downturns, such as in 2022, when both stock and bond markets plummeted while inflation surged. “Social Security was the steady income source people could rely on,” Benz said. “And it delivered a strong inflation adjustment,” — 8.7 percent for 2023.

Review Your Future Benefits

Social Security offers a personalized benefits statement that can be accessed online. It’s a good idea to set up an online account and download your statement annually.

This document outlines your estimated retirement benefits and provides details on the availability of disability and survivor benefits. It also includes your wage history, allowing you to correct any errors, which is important because Social Security calculates benefits based on your highest-earning 35 years.

Before 2010, Social Security mailed these statements annually, but budget cuts have limited paper mailings to workers aged 60 or older who haven’t claimed benefits or set up an online account. The lack of regular communication from the agency may contribute to younger people’s doubts about the program.

Advocates continue to push for the reinstatement of annual paper statements. “Receiving a regular statement in the mail would help younger generations understand their stake in Social Security,” said Nancy Altman, president of Social Security Works.