According to a survey, more than half of Social Security recipients are at risk if the proposed cuts by the Social Security Administration go into effect.
According to Nationwide’s 2022 Social Security Consumer Survey, nearly 15% of recipients agreed they would be unable to survive a missed payment. 30% of recipients agreed with their response.
“Those who rely entirely on their benefit to survive are the ones who are financially at risk because any reduction would be detrimental to their finances,” said Kevin Thompson, CEO of 9i Capital Group.
Trump administration: Social Security policy scheduled for mid-August now optional.
“Cuts are only likely if Congress fails to address the existing deficits. I don’t think cuts are likely, even though the current Social Security trust is expected to go bankrupt around 2033-34.”
According to the survey, 74% of recipients are concerned that their Social Security benefits will run out during their lifetime. Due to the country’s current money supply, the SSA’s benefits will be reduced by nearly 20% in nine years. This translates to seniors losing nearly $4,600 per year.
A bipartisan effort is underway to save Social Security for Americans.
“The reality is that most Americans do not have enough saved for their retirement years, and without Social Security, they would not be able to cover the monthly gap,” said Alex Beene, a financial literacy instructor.
Social Security benefits are paid out to 70 million Americans on a monthly basis. Social Security has been a guarantee since nearly 90 years ago, when President Franklin D. Roosevelt signed the Social Security Act into law.
