{"id":2012694,"date":"2023-08-26T01:37:04","date_gmt":"2023-08-26T05:37:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/most-americans-over-50-worry-social-security-will-run-dry-in-their-lifetime\/"},"modified":"2023-08-26T01:39:16","modified_gmt":"2023-08-26T05:39:16","slug":"most-americans-over-50-worry-social-security-will-run-dry-in-their-lifetime","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/most-americans-over-50-worry-social-security-will-run-dry-in-their-lifetime\/","title":{"rendered":"Many older Americans fear Social Security will deplete in their lifetime."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmost-americans-over-50-worry-social-security-will-run-dry-in-their-lifetime%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2012694&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>With the issue of\u200c 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 \u2063are deeply concerned about the future of Social Security.<\/p>\n<p>According to the Nationwide Retirement Institute, 75\u2062 percent of Americans aged 50 and\u200b above are worried that Social Security will run out of funds within their lifetime. This is a significant increase \u2064from\u2064 10 years \u200cago when only 66 percent expressed the same concern.<\/p>\n<p>If you&#8217;re interested, you can check out the full \u200dsurvey <a href=\"https:\/\/nationwidefinancial.com\/media\/pdf\/NFM-23094AO.pdf?_ga=2.188446248.109505403.1692914107-1728674343.1692914107&#038;_gl=1*1vie2pw*_ga*MTcyODY3NDM0My4xNjkyOTE0MTA3*_ga_GLJSQEPWL4*MTY5MzAwNDk4Mi4yLjAuMTY5MzAwNDk4Mi42MC4wLjA.\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/why-your-retirement-strategy-should-not-be-based-on-social-security-alone-5480575\">Why Your Retirement Strategy Should Not Be Based on Social Security Alone<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/25\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/why-your-retirement-strategy-should-not-be-based-on-social-security-alone-5480575\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/how-to-get-the-most-from-social-security-spousal-benefits-5479019\">How to Get the \u200bMost From Social Security Spousal Benefits<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/24\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/bright\/how-to-get-the-most-from-social-security-spousal-benefits-5479019\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>What&#8217;s even more concerning is the growing number of adults aged 50 \u2064and above \u2062who rely\u2063 solely on Social Security for\u2063 their retirement\u200b income. The survey shows that 21 percent of\u200d respondents have no other source \u200cof retirement income besides Social Security, a significant increase\u200b from 13 percent in 2014.<\/p>\n<p>In addition, the number of Americans with a pension in addition to Social Security has decreased from 48 percent ten years ago to just\u200b 31 percent in 2023.<\/p>\n<div class=\"shortcode\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h2>Social Security \u200cFund In Danger<\/h2>\n<p>The\u200c future of Social Security is at risk due to various factors such as inflation and lower-than<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/britains-hunt-to-keep-tight-budget-with-eye-on-2024-election\/\" title=\"Britain\u2019s Hunt to keep tight budget with eye on 2024 election\">-expected tax revenue<\/a>.<\/p>\n<p>According\u2063 to a projection by the\u2064 nonpartisan Committee for a\u2064 Responsible Federal Budget (CRFB), the Social\u200d Security trust fund will \u2063be insolvent by 2033. This \u2063means that the fund will not\u200c have enough money to pay full benefits \u200bto retirees \u200dand dependents.<\/p>\n<p>If the fund becomes insolvent, \u200dall \u206470\u200b million beneficiaries will \u2063see\u200d their benefits cut by 23 \u200dpercent. For the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/most-americans-over-50-worry-social-security-will-run-dry-in-their-lifetime\/\" title=\"Many older Americans fear Social Security will deplete in their lifetime.\">average newly retired dual-income couple<\/a>, this would result in a reduction of \u2063over $17,000 in annual benefits.<\/p>\n<p>The CRFB analysis also highlights that any 2024 presidential candidate who promises \u200bnot to\u200b touch Social Security is essentially endorsing \u2064a 23 \u2064percent benefit \u200dcut for \u2064retirees when the fund\u200d runs\u200d out of money within the next decade.<\/p>\n<h2>&#8217;65 Is Way Too\u2064 Low&#8217;<\/h2>\n<p>The future of Social\u2062 Security has \u2062become a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wisconsins-democrat-governor-appointed-a-violent-felon-to-the-state-juvenile-justice-commission\/\" title=\"Wisconsin\u2019s Democrat Governor Appointed A Violent Felon To The State Juvenile Justice Commission\">major talking point<\/a> in the 2024 presidential campaign.<\/p>\n<p>Former President Donald Trump has warned against cutting Social Security\u2062 benefits, while\u200b President Joe \u200cBiden has pledged to \u200bprotect Social Security\u200c payments from GOP-led efforts to reduce them.<\/p>\n<p>During a \u200crecent Republican primary debate, candidate Nikki\u200b Haley suggested raising the retirement age and reducing benefits \u200das\u200d a possible solution. However, she emphasized the need for data-driven decisions and stated that the current retirement age of 65\u2062 is too\u200d low.<\/p>\n<p>Ms. Haley proposed changes such as adjusting the retirement\u2063 age based on life expectancy, tying\u2063 benefit increases to inflation instead of cost-of-living, and limiting \u200dbenefits for the wealthy.<\/p>\n<p>The\u2064 future of Social Security is uncertain, but it remains \u200ba critical issue that will shape the upcoming presidential election.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>50 were concerned about Social Security running out of money. Today, that number has risen to 76 percent. As the 2024 presidential election approaches, this issue gains prominence, highlighting the growing anxiety among older Americans regarding the future of Social Security and its financial sustainability.<\/p>\n","protected":false},"author":118,"featured_media":2012695,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2012694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2012694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2012694"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2012694\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2012695"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2012694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2012694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2012694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}