• 73% of non-retired Americans are concerned that Social Security may not pay their benefits if Social Security's retirement trust fund is depleted.
• Financial advisors say it's still best to wait to claim to get the biggest monthly checks.

Most Americans are concerned about what may happen to Social Security when its retirement trust fund crosses a projected 2033 depletion date, according to a new Bankrate survey.

Nearly three-quarters, 73%, of non-retired adults and 71% retired adults say they worry they won't receive their benefits if the trust fund runs out. The October survey included 2,492 individuals.

Those worries loom large for older Americans who are not yet retired, according to the results. That includes 81% of working baby boomers and 82% of Gen Xers who are worried they may not receive their benefits at retirement age if the trust fund is depleted.

"Once someone's actually staring at the prospect of the end of their full-time employment, the seriousness of the need to fund that part of their life comes into full view," said Mark Hamrick, senior economic analyst at Bankrate.

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Still, a majority of millennials and Gen Zers surveyed, at 69% and 62%, respectively, are similarly concerned.

Social Security relies on trust funds to supplement its monthly benefit payments that currently reach more than 72.5 million beneficiaries, including Supplemental Security Income beneficiaries.

While payroll taxes provide a steady stream of revenue into the program, the trust funds help to supplement benefit checks. Social Security's actuaries project the fund the program relies on to pay retirement benefits will be depleted in 2033. At that time, an estimated 79% of those benefits will still be payable.

What financial advisors are telling clients now

Financial advisors say they frequently field questions from clients on Social Security's future. And they often tell their clients it's still best to wait to claim benefits, if possible.

Retirees can claim Social Security retirement benefits as early as age 62, though they take a permanent lifetime reduction. By waiting until full retirement age — generally from 66 to 67, depending on date of birth — individuals receive 100% of the benefits they've earned.

By delaying from full retirement age to as late as age 70, retirees stand to get an 8% annual boost to their benefits.

When talking with clients, George Gagliardi, a certified financial planner and founder of Coromandel Wealth Strategies in Lexington, Massachusetts, said he tells them Washington lawmakers are unlikely to leave Social Security's solvency unaddressed by the trust fund depletion deadline.

But even if that does happen, it still makes sense to delay claiming Social Security benefits until 70, if possible, unless there is a critical situation where it makes sense to claim early, he said.

"My bottom line on the whole thing is, you don't know how long you're going to live," Gagliardi said. "But basically, you want to bet on longevity."

Experts say retirees need to be mindful of longevity risk — the potential that you will outlive your savings.

Social Security is "inflation indexed longevity insurance," said CFP David Haas, owner of Cereus Financial Advisors in Franklin Lakes, New Jersey. Every year, benefits are automatically adjusted for inflation, a feature that would be difficult to match when purchasing an insurance product like an annuity.

"You really can't get that from anywhere else," Haas said.

While more than a quarter — 28% — of non-retired adults overall expect to be "very" reliant on Social Security in retirement, older individuals expect to be more dependent on the program, according to Bankrate. The survey found 69% of non-retired baby boomers and 56% of non-retired Gen Xers expect to rely on the program.

To avoid relying on Social Security for the bulk of your income in retirement, you need to save earlier and for longer, Haas said.

"You need to compound your savings over a longer period, and then you'll be flexible," Haas said.

To be sure, shoring up a long-term nest egg is not a top-ranked concern for many Americans now as many face cost-of-living challenges. A separate election Bankrate survey found the top three economic concerns now are inflation, health care costs and housing affordability.