The findings highlight growing uncertainty among Americans who rely on Social Security as part of their retirement income. While the program is not projected to disappear, a reduction in scheduled benefits could affect millions of households, particularly those with limited financial flexibility.
Survey Finds Widespread Concern Over Social Security’s Financial Future
The Nationwide Retirement Institute’s 2026 Social Security Survey found that half of respondents disagreed with the statement that they could “survive financially” if they missed a quarter of a Social Security payment. The survey was conducted by Harris Poll between May 11 and June 4 among 1,823 U.S. adults who currently receive or expect to receive Social Security, according to the survey report.
Among current beneficiaries surveyed, the average monthly Social Security payment was $1,537, while people expecting to claim benefits anticipated receiving an average of $1,752 per month. The survey also found that 72 percent of respondents worried Social Security could run out of funding during their lifetime.
Concerns varied among age groups. Gen X respondents were the most likely to say they were worried about Social Security funding, with 79 percent agreeing with that concern, compared with 69 percent of Gen Z respondents, 71 percent of millennials and 69 percent of baby boomers.
According to the 2026 Social Security Trustees Report, the Old-Age and Survivors Insurance Trust Fund is projected to pay full scheduled retirement and survivor benefits until the fourth quarter of 2032. After that point, continuing income would cover 78 percent of scheduled benefits if no legislative changes are made.
The Committee for a Responsible Federal Budget estimated that a 22 percent reduction would mean a typical newly retiring dual-income couple could lose about $16,900 in annual benefits at the beginning of 2033. The group noted that the size of the reduction would vary depending on factors such as income, marital status and work history.
Congress Considers Competing Approaches to Address the Shortfall
Lawmakers have introduced several proposals aimed at addressing Social Security’s projected funding gap, but Congress has not yet passed legislation to change the program’s finances. A bipartisan group of senators introduced the PROMISE Act in July. The proposal would create a process requiring the Social Security Advisory Board to develop legislation designed to maintain solvency for at least 50 years, followed by expedited consideration in Congress.
The bill’s supporters argue that a bipartisan process could help lawmakers reach an agreement before benefit reductions are required. “It is time for Congress to do its job,” Senator Bill Cassidy said when discussing the proposal.
The House has also considered a separate bipartisan approach. The Bipartisan Social Security Commission Act of 2026, introduced by Representatives Tom Cole and Tom Suozzi, would establish a commission tasked with developing recommendations and proposed legislation to achieve long-term solvency.
Other lawmakers have supported direct changes to Social Security financing. Senator Bernie Sanders has promoted the Social Security Expansion Act, which would apply Social Security taxes to earnings above $250,000 while increasing benefits.
According to the Nationwide survey, concerns about future funding are also influencing retirement decisions. 51% of respondents said they had filed, or planned to file, for Social Security as early as possible to ensure they received benefits before possible program changes or funding problems.
The survey found that financial planning was associated with different levels of confidence. 72% of respondents who worked with a financial professional said they could survive losing a quarter of a Social Security payment, compared with 39 percent of those who did not work with one.
