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AIPROPX ReportNewsweek · 28m ago
Half of Americans Fear for Financial Survival if Social Security Cut
0 Share Newsweek is a Trust Project member See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. Half of Americans who receive or expect to receive Social Security say they could not survive financially if a quarter of a monthly payment disappeared, new polling shows—a reduction close to the losses retirees could face if Congress fails to address the program's looming funding shortfall.
The Nationwide Retirement Institute’s 2026 Social Security Survey found 50 percent disagreed with the statement that they could "survive financially" if they missed a quarter of a Social Security payment. The Harris Poll surveyed 1,823 U.S. adults who currently receive or expect to receive Social Security between May 11 and June 4.
Among those already receiving Social Security, the average monthly payment reported in the survey was $1,537, while those who expect to claim in the future anticipated receiving an average of $1,752. The findings come as the government's latest projections suggest retirement benefits could be cut by 22 percent within little more than six years without congressional action.
The 2026 Social Security Trustees Report released earlier this year projected that the Old-Age and Survivors Insurance Trust Fund, which pays retirement and survivor benefits, will be able to pay full scheduled benefits only until the fourth quarter of 2032. After its reserves are depleted, continuing income would cover about 78 percent of scheduled benefits , leaving a 22 percent funding gap.
The OASI and DI Trust Funds are legally separate because OASI finances retirement and survivor benefits, while DI finances disability benefits, with each fund separately accounted for under federal law.
If the retirement and disability trust funds were considered together, their combined reserves would last until the third quarter of 2034, when 83 percent of scheduled benefits would be payable. However, the two funds are legally separate under current law.
The Committee for a Responsible Federal Budget estimated in July that the 22 percent reduction at OASI depletion would cost a typical newly retiring dual-income couple about $16,900 a year in benefits at the start of 2033. The group said the reduction would grow over time if no changes were made to the program.
The potential reduction projected by the trustees is only slightly smaller than the 25 percent loss that half of respondents said they could not withstand.
Americans appear to be deeply concerned about Social Security's finances and uncertain about when the crunch will arrive. Nationwide found 72 percent worried that the program would run out of funding during their lifetime, including 76 percent of women and 68 percent of men. Gen X respondents were particularly concerned, with 79 percent agreeing, compared with 69 percent of Gen Z, 71 percent of millennials and 69 percent of baby boomers
The survey, conducted before the 2026 Trustees Report was released, asked respondents about the then-projected 2033 depletion date. Fifty-three percent said that deadline was sooner than they had expected. Respondents believed on average that depletion was still 17 years away, while 41 percent said they did not know when the fund would run short and 20 percent believed Social Security would always have sufficient funding to pay full benefits.
Funding fears may also be influencing when Americans claim benefits. Fifty-one percent said they had filed, or planned to file, for Social Security as early as possible to ensure they received something before the program changed or ran short of funds. That included 56 percent of non-retirees, 66 percent of millennials and 61 percent of Gen Z respondents. Claiming before full retirement age generally locks recipients into a lower monthly benefit.
Despite the concerns, most respondents did not believe Social Security would disappear altogether. Twenty-five percent agreed that they would "not get a dime" of the benefits they had earned, while three quarters disagreed.
The survey also found there is broader retirement insecurity among Americans, with 26 percent saying they expected to run out of money in retirement, compared with 43 percent who said they did not and 31 percent who were unsure. Women were more likely than men to expect to run out of money, at 30 percent versus 21 percent.
Financial planning was associated with a substantial difference in preparedness. Seventy-two percent of respondents who work with a financial professional said they could survive losing a quarter of a Social Security payment, compared with 39 percent of those who do not. Those without a financial professional were also more likely to expect to run out of money in retirement, 30 percent to 18 percent.
Lawmakers have begun considering several competing approaches, but Congress has yet to agree on legislation that would close Social Security's shortfall.
A bipartisan group of senators led by Dick Durbin and Bill Cassidy introduced the PROMISE Act in July. Rather than prescribing tax increases, raising the retirement age or directly considering various other proposals to prop up the funding gap, the bill would establish a process under which the bipartisan Social Security Advisory Board develops a proposal capable of maintaining solvency for at least 50 years, followed by expedited consideration in Congress. The Senate Finance Committee held a hearing on Social Security solvency on August 5. "It is time for Congress to do its job," said Cassidy.
In the House, Republican Representative Tom Cole and Democratic Representative Tom Suozzi have introduced the Bipartisan Social Security Commission Act of 2026 , which would establish a commission tasked with developing recommendations on long-term solvency.
Other lawmakers favor directly raising revenue. Independent Vermont Senator Bernie Sanders has urged Congress to pursue the Social Security Expansion Act , which would app...
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