Half of Americans who receive or expect to receive Social Security say they could not survive financially if a quarter of a monthly payment disappeared, new polling shows—a reduction close to the losses retirees could face if Congress fails to address the program's looming funding shortfall. The Nationwide Retirement Institute’s 2026 Social Security Survey found 50 percent disagreed with the statement that they could "survive financially" if they missed a quarter of a Social Security payment. The Harris Poll surveyed 1,823 U.S. adults who currently receive or expect to receive Social Security between May 11 and June 4.
Among those already receiving Social Security, the average monthly payment reported in the survey was $1,537, while those who expect to claim in the future anticipated receiving an average of $1,752. The findings come as the government's latest projections suggest retirement benefits could be cut by 22 percent within little more than six years without congressional action. The 2026 Social Security Trustees Report released earlier this year projected that the Old-Age and Survivors Insurance Trust Fund, which pays retirement and survivor benefits, will be able to pay full scheduled benefits only until the fourth quarter of 2032.
After its reserves are depleted, continuing income would cover about 78 percent of scheduled benefits, leaving a 22 percent funding gap. The OASI and DI Trust Funds are legally separate because OASI finances retirement and survivor benefits, while DI finances disability benefits, with each fund separately accounted for under federal law. If the retirement and disability trust funds were considered together, their combined reserves would last until the third quarter of 2034, when 83 percent of scheduled benefits would be payable.
However, the two funds are legally separate under current law. The Committee for a Responsible Federal Budget estimated in July that the 22 percent reduction at OASI depletion would cost a typical newly retiring dual-income couple about $16,900 a year in benefits at the start of 2033. The group said the reduction would grow over time if no changes were made to the program.
The potential reduction projected by the trustees is only slightly smaller than the 25 percent loss that half of respondents said they could not withstand. Americans appear to be deeply concerned about Social Security's finances and uncertain about when the crunch will arrive. Nationwide found 72 percent worried that the program would run out of funding during their lifetime, including 76 percent of women and 68 percent of men.
Gen X respondents were particularly concerned, with 79 percent agreeing, compared with 69 percent of Gen Z, 71 percent of millennials and 69 percent of baby boomers The survey, conducted before the 2026 Trustees Report was released, asked respondents about the then-projected 2033 depletion date. Fifty-three percent said that deadline was sooner than they had expected. Respondents believed on average that depletion was still 17 years away, while 41 percent said they did not know when the fund would run short and 20 percent believed Social Security would always have sufficient funding to pay full benefits.
Extract — continue reading at the source.
