Almost 75% of Americans Concerned They May Not Receive Social Security Benefits as Promised
Many retirees rely on social security as a significant portion of their income, so any reduction in payments can lead to immediate financial distress.
Concerns about future social security receipts are widespread among U.S. citizens, especially with the projected depletion of social security funds over the next decade.
Among different generations, baby boomers and Gen X are particularly anxious, with over 80 percent concerned about the issue, compared to 60-70 percent of millennials and Gen Z.
For the typical single-income or dual-income couple, this reduction could mean losing thousands of dollars in annual benefits. By 2098, the projected reduction may rise to 31 percent.
Given that many people rely on social security for daily expenses, such a significant reduction in benefits could have widespread devastating effects.
“There’s a concerning discrepancy between public concern about social security funding and the lack of action by elected officials to address it,” noted Bankrate Senior Economic Analyst Mark Hamrick.
Tackling Social Security Solvency Crisis
Lawmakers have proposed various measures to address the looming social security crisis, with differing approaches depending on political affiliations.
While some propose taxing wealthy households to keep social security solvent, others suggest cutting taxes on social security payments for seniors.
This bill suggests using a specific inflation gauge for cost-of-living adjustments and removing limits on social security contributions to keep the program solvent for future generations.
Sen. Mazie Hirono (D-Hawaii) emphasized the importance of social security for vulnerable communities and the need to ensure its solvency for the future.
