Many seniors today rely heavily on Social Security to make ends meet as retirees. Some even use their benefits as their only income source in the absence of savings. But will you have the luxury of doing the same?

In a recent Transamerica survey, 37% of respondents cited a reduction of Social Security payments as a major retirement fear. But are their concerns spot on or overblown?

If you're worried about getting less money from Social Security than you'd normally be entitled to based on your earnings history, you should be. The program's trust funds are expected to be depleted as early as 2035, and once that happens, benefit cuts could be on the table.

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Source Fool.com