Years of reporting on Americans’ personal finance concerns have led me to understand that an increasing number of workers preparing for retirement are worried about Social Security.

Jean Chatzky, the bestselling author and former NBC “Today” show financial editor, is one voice who has been vocal about sharing this message.

“I’ve been getting a lot more questions about Social Security lately. The biggest one: How soon will it run out?” Chatzky wrote on LinkedIn.

“I get it. The news is scary,” she continued. “New research from LIMRA Retirement found that a third of older Americans are so worried that they’re considering pushing up the start date of their benefits.”

Related: AARP sounds alarm on big Medicare, Social Security problem

Concerns about Social Security’s long‑term funding have been around for generations, but the outlook is reportedly becoming more serious.

New federal estimates released in June by the Social Security Administration (SSA) show its combined trust funds will be depleted in 2034 — a full year sooner than the SSA projected last year.

“These fears are not new,” Chatzky told USA Today. “But I do think they are growing.”

“And I think that’s close enough in the viewfinder for even older people to think, ‘Holy moly, what’s going to happen to me?’” she added.

AARP finds declining confidence in Social Security

AARP, the nonprofit advocacy group for Americans over 50, published a survey that revealed some key facts about Americans’ views on Social Security.

“Confidence in the future of Social Security has declined 7 percentage points since 2020 (from 43 percent to 36 percent),” wrote AARP. “Consistent with previous years, confidence levels increase with age.”

“Nearly two in three retired Americans say they rely substantially on Social Security, while another 21 percent say they rely on it somewhat,” AARP continued. “People who have not retired, especially those ages 18-49, likely underestimate how big of a role Social Security will play in their retirement.”

The idea that Social Security may fall short has become woven into America’s broader retirement debate.

Many older adults worry their benefits could shrink rather than grow as they age, while younger workers often ramp up their retirement savings out of concern that the program won’t be enough to rely on in the future.

Jean Chatzky emphasizes the importance of 401(k) plans

Because Social Security benefits alone rarely provide enough income to cover basic living expenses in retirement, it’s essential for workers to build their own savings throughout their careers.

A workplace 401(k) is often the best entry point — especially when an employer offers matching contributions, which effectively amount to free money.

For those just beginning to save or dealing with tight budgets, Chatzky recommends starting with a 3% contribution rate. Individuals with more financial flexibility should begin higher, then increase their contributions by 2% each year until they reach the maximum.

She recommends saving 10% of income annually — including employer matches — if one starts before your mid‑thirties, or 15% if they begin later.

Chatzky also notes that simply participating in a workplace retirement plan dramatically improves long‑term outcomes, reducing the risk of running out of money in retirement to roughly 20%.

Above all, she stresses that consistent saving is what ultimately frees up more room in the budget to boost 401(k) contributions over time.

“When I hear people suggest that you ‘live on what you make,’ I always shake my head,” Chatzky wrote in her book “Money Rules.”

“If you’re living on what you make, you’re spending every dime. The key is to live on less than you make,” she continued. “This is non-negotiable. Why? Because if you do it consistently, you’re automatically saving consistently.”

Jean Chatzky and AARP explain concerns about Social Security and emphasize the importance of 401(k)s and IRAs for retirement savings.

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Chatzky explains difference between Roth IRAs, traditional IRAs

Chatzky also advises people who can afford to invest more to choose between two types of Individual Retirement Accounts (IRAs).

“The biggest difference between the traditional and Roth IRA is the tax break,” Chatzky wrote on HerMoney. “A traditional IRA gives you a tax deduction now, while Roth IRAs don’t — but Roth withdrawals are tax-free later, and traditional IRA withdrawals are not.”

“You could make a decision about which IRA is best for you based on that single piece of information,” she added. “For example, if you know you’ll be in a higher tax bracket in retirement than you are now, the Roth’s tax-free withdrawals are more valuable to you.”

“If you’re in a high tax bracket right now or predict your tax rate will be lower in retirement, a traditional IRA is a good choice.”

Important facts about Roth IRAs, traditional IRAs

• Contribution limits: You can contribute up to $7,500 in IRAs for 2026, or $8,600 if you’re 50+. Contributions to traditional and Roth IRAs combined can’t exceed these limits.
• Contribution deadlines: For 2026 contributions: you have until Tax Day 2027. To count toward 2025, you can contribute until April 15, 2026.
• Investment options: IRAs are containers, not investments. You choose what goes inside — stocks, mutual funds, ETFs, bonds, CDs, or cash.
• Tax treatment: Investment growth inside an IRA isn’t taxed while it stays in the account, unlike a regular brokerage account.
• Penalty‑free withdrawals: You can access funds without penalties starting at age 59½. Earlier withdrawals may trigger income taxes and a 10% penalty, with some exceptions.
• Minimums: There’s no required minimum contribution. Many providers let you open an IRA with a very small amount.

(Source:HerMoney)

Related: Jean Chatzky sends blunt message to Americans on 401(k)s, IRAs