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.
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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.
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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.
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According to the Social Security Administration, approximately 67 million Americans receive Social Security benefits every month.
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Those benefits total about $1.4 trillion in payments annually.
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'Newsweek' reports that the Transamerica study suggests that lawmakers need to reassess the current doomed trajectory of the Social Security program.
