Americans Feel Major , Anxiety Over the Fate of the , Social Security Program.
'Newsweek' reports that about 71% of people
in the United States have expressed concerned
about the future of the Social Security program.
A recent Social Security Administration
announcement predicted that reserves
are projected to be exhausted by 2037. .
In December, a Transamerica Center for Retirement
Studies survey uncovered major anxiety about the future
of the program amid current economic instability.
According to the survey, fears of Social Security
reductions or elimination rank among the top
concerns for lower-income households.
According to the survey, fears of Social Security
reductions or elimination rank among the top
concerns for lower-income households.
That anxiety spanned across both racial and
gender divides, suggesting a nationwide sense of
apprehension regarding financial stability in retirement.
'Newsweek' reports that the survey comes
as inflation remains persistently high. .
Housing, motor vehicle insurance,
the cost of hospitals and care of
invalids at home—these are the
savings-draining black holes
even when inflation is low, Mary Johnson, Social Security and Medicare policy
analyst for The Senior Citizens League, via 'Newsweek'.
Despite overall inflation falling to 3.1%, the TSCL said that
over two-thirds of older adults have reported a 10% increase
in monthly costs for housing, food and medications. .
According to the Social Security Administration,
approximately 67 million Americans receive
Social Security benefits every month. .
Those benefits total about
$1.4 trillion in payments annually. .
'Newsweek' reports that the Transamerica study
suggests that lawmakers need to reassess the current
doomed trajectory of the Social Security program.