Some 71% of Americans believe that Social Security will run out money in their lifetime, according to a new online survey from Nationwide.

Meanwhile, 19% of respondents stated that the pandemic would likely change when they chose to claim Social Security benefits, the 8th Annual Social Security Consumer Survey by nationwide found.

According to the survey, 59% of Americans are more worried about Social Security running out of money today than before the pandemic.

The pandemic has been a wake-up call for many Americans to reevaluate their finances and retirement plans, including how Social Security fits into those plans, Nationwide found. More than two-thirds of respondents to the Nationwide survey said it is now more important than ever to optimize Social Security benefits.

Interestingly, more people are planning on claiming Social Security later (11%) versus claiming earlier (9%). Waiting to claim Social Security will increases benefits. This delay can also help increase financial security later in life, Nationwide said.

The Social Security trustees report on expected solvency has not yet been issued in 2021. It is expected to show what impact Covid has played in funding obligations. The 2020 Social Security report estimated that the combined reserves of the various Social Security programs (retirement, survivor, and disability) would be depleted in 2035 unless changes to benefits on taxation are made.

The good news for financial advisors is that Americans want their help, according to nationwide. Two-thirds of U.S. adults would be interested in talking with a financial professional about creating income streams that would allow them to delay their Social Security filing, an earlier Nationwide survey found.

About half of U.S. adults would be interested in discussing spousal benefit strategies for Social Security with a financial professional.

While 89% of Americans reported they are at least somewhat confident they know how Social Security works, in fact, many either didn’t know about the choices they will have to make and how much these choices can impact their actual monthly benefit, according to Nationwide.

“In reality, many people don’t know what they don’t know. For instance, only 16% know what age they are eligible for full Social Security benefits,” Nationwide wrote. For those born in 1960 or later, full retirement age is 67.

Some 45% of Americans believe Social Security benefits will go up automatically when they reach retirement age even if they’ve filed early. In reality, filing early locks in a permanent reduction in Social Security benefits

More than half of U.S. adults (54%) don’t know what percentage of their income will be replaced by Social Security. It depends on lifetime earnings, but for middle-income individuals the replacement rate is usually around 40%, Nationwide said.

A majority of Americans (55%) believe Security benefits are tax free. That is true for low-income taxpayers, but for most people, up to 50% of benefits are taxable.

“Financial professionals can help bridge the knowledge gaps,” Nationwide said.

The survey was conducted in April and May and included input from 1,931 U.S. adults age 25 and over.