(NewsNation) — A survey has revealed that more than half of Social Security recipients are at risk if the Social Security Administration’s proposed cuts become effective.
Data from Nationwide’s 2022 Social Security Consumer Survey showed nearly 15% of recipients were in full agreement they’d be unable to survive a missed payment. 30% of recipients somewhat agreed in their response.
“Those who rely 100 percent on their benefit to survive are the ones that are financially at risk given the fact that any cut would be detrimental to their finances,” said Kevin Thompson, CEO of 9i Capital Group.
“Cuts are only likely if Congress does nothing to sure-up the current deficits that exist. I don’t foresee cuts being likely, although the current Social Security trust is set to be insolvent around 2033-34.”
The survey also found that 74% of recipients have raised concerns about Social Security benefits drying up during their lives. The SSA is facing a nearly 20% cut to benefits nine years from now due to the country’s current money supply. This translates to seniors losing close to $4,600 yearly.
“The reality is most Americans don’t have enough saved for their senior years, and without Social Security, they wouldn’t stand a chance of making up the monthly gap needed to get by,” added Alex Beene, financial literacy instructor.
Seventy million Americans receive Social Security benefits monthly. Social Security has been a guarantee ever since President Franklin D. Roosevelt signed the Social Security Act into law nearly 90 years ago.
