Over Half of Americans at Financial Risk from Potential Social Security Cuts

Multiple recent surveys highlight a critical financial vulnerability among Social Security recipients in the United States, with over half indicating they could not survive missing even half of a monthly payment. The Social Security Trust Fund is projected to be depleted by 2034, which would trigger an automatic benefit cut of approximately 19%, reducing payments by around $4,573 annually for many retirees. This potential reduction threatens the financial stability of more than 70 million beneficiaries, many of whom rely on Social Security as their primary source of income to cover essential expenses such as housing, food, and medical care. The aging population and a shrinking workforce base exacerbate the funding shortfall, raising widespread concern about the program's long-term viability among recipients and the general public. Experts and policymakers stress the urgent need for legislative action to shore up the program and create contingency plans that protect vulnerable populations from severe financial hardship. Meanwhile, many retirees are already adjusting by cutting discretionary spending to cope with rising living costs and potential income gaps.