Many older Americans fear Social Security will deplete in their lifetime.
With the issue of Social Security expected to be a big topic in the 2024 presidential election, a new survey reveals that the majority of Americans aged 50 and over are deeply concerned about the future of Social Security.
According to the Nationwide Retirement Institute, 75 percent of Americans aged 50 and above are worried that Social Security will run out of funds within their lifetime. This is a significant increase from 10 years ago when only 66 percent expressed the same concern.
If you’re interested, you can check out the full survey here.
What’s even more concerning is the growing number of adults aged 50 and above who rely solely on Social Security for their retirement income. The survey shows that 21 percent of respondents have no other source of retirement income besides Social Security, a significant increase from 13 percent in 2014.
In addition, the number of Americans with a pension in addition to Social Security has decreased from 48 percent ten years ago to just 31 percent in 2023.
Social Security Fund In Danger
The future of Social Security is at risk due to various factors such as inflation and lower-than-expected tax revenue.
According to a projection by the nonpartisan Committee for a Responsible Federal Budget (CRFB), the Social Security trust fund will be insolvent by 2033. This means that the fund will not have enough money to pay full benefits to retirees and dependents.
If the fund becomes insolvent, all 70 million beneficiaries will see their benefits cut by 23 percent. For the average newly retired dual-income couple, this would result in a reduction of over $17,000 in annual benefits.
The CRFB analysis also highlights that any 2024 presidential candidate who promises not to touch Social Security is essentially endorsing a 23 percent benefit cut for retirees when the fund runs out of money within the next decade.
’65 Is Way Too Low’
The future of Social Security has become a major talking point in the 2024 presidential campaign.
Former President Donald Trump has warned against cutting Social Security benefits, while President Joe Biden has pledged to protect Social Security payments from GOP-led efforts to reduce them.
During a recent Republican primary debate, candidate Nikki Haley suggested raising the retirement age and reducing benefits as a possible solution. However, she emphasized the need for data-driven decisions and stated that the current retirement age of 65 is too low.
Ms. Haley proposed changes such as adjusting the retirement age based on life expectancy, tying benefit increases to inflation instead of cost-of-living, and limiting benefits for the wealthy.
The future of Social Security is uncertain, but it remains a critical issue that will shape the upcoming presidential election.
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