Half of Americans Fear for Financial Survival if Social Security Cut
Summary
A new survey shows that half of Americans who get or expect to get Social Security benefits say they could not handle losing a quarter of their monthly payment. Government reports warn that Social Security retirement benefits could be cut by about 22% after 2032 if Congress does not act to fix the program's funding.Key Facts
- 50% of Social Security recipients or future recipients said they could not survive financially if their payment was cut by 25%.
- The average current monthly payment reported was $1,537; future recipients expect about $1,752 per month.
- The Social Security trust fund for retirement benefits may pay full benefits only until late 2032.
- After 2032, benefits may be cut to around 78% of scheduled payments due to depleted funds.
- When combined with disability funds, full payments may last until 2034, then drop to about 83%.
- A 22% cut would reduce benefits by approximately $16,900 per year for a typical retiree couple starting in 2033.
- 72% of Americans are worried Social Security will run out of money during their lifetime.
- Over half of respondents said they have or plan to claim benefits early to avoid potential future cuts.
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