Joe Pinker:

U.S. workers paid more than $1 trillion into Social Security last year. Younger ones doubt they will get a dime when they retire.

The idea of Social Security disappearing is one of the country’s longer-running neuroses and shows few signs of abating. Some 47% of U.S. nonretirees believe Social Security won’t be able to pay them benefits when they retire, according to a 2023 Gallup survey, a level that has been mostly steady over more than three decades of polling.

Confidence today is lowest among those who are mid-career, ages 30 to 49.

Policy analysts say Social Security isn’t going away. Workers say their frustrations aren’t just about having little faith that the government will address a possible funding shortfall. They are also annoyed because they see older people enjoying benefits they don’t expect to receive.

Some of these younger workers are increasing their savings rates or subtracting Social Security from their retirement planning completely. Others say they are bitter, frustrated and uneasy about their long-term future.