Report: The Impact of Social Security Benefit Cuts on American Families
September 12, 2025
Report: Social Security Benefit Cuts Would Be Devastating for Americans
In a recent analysis conducted by Nationwide Financial, a staggering 56 percent of Americans surveyed expressed that they would “not be able to survive” if they lost even half of their monthly Social Security payment. This alarming statistic highlights the critical role that Social Security plays in the financial stability of millions of Americans.
The survey further revealed that beneficiaries are struggling to make ends meet. Approximately 52 percent of respondents reported cutting back on discretionary spending, which includes activities such as dining out and traveling. Additionally, nearly one in five individuals indicated that managing or accessing their benefits has become more challenging this year.
Concerns about the future of Social Security are also on the rise. Over 80 percent of those surveyed expressed anxiety regarding the longevity of the benefits they have earned. This growing apprehension underscores the need for immediate attention to the Social Security system.
According to the latest Social Security Trustees Report, the Social Security Trust Fund is projected to be able to pay full benefits and expenses until 2033. However, if Congress does not take action, beneficiaries can expect only 77 percent of their benefits after that date. This potential shortfall raises serious questions about the sustainability of the program.
Richard Fiesta, Executive Director of the Alliance, emphasized the importance of Social Security for older Americans, stating, “Older Americans rely on the Social Security benefits they’ve earned. They should not have to worry about whether they will be able to access those benefits and/or whether they will receive the full amount.” He further suggested that the impending crisis could be averted and benefits strengthened if millionaires and billionaires paid their fair share.
TAKE ACTION: Tell Congress to strengthen Social Security by making the wealthy pay their fair share.
This was originally published in the September 12, 2025 edition of the Friday Alert. Read the full length version and see other Friday Alert editions here.
September 12, 2025
Report: Social Security Benefit Cuts Would Be Devastating for Americans
In a recent analysis conducted by Nationwide Financial, a staggering 56 percent of Americans surveyed expressed that they would “not be able to survive” if they lost even half of their monthly Social Security payment. This alarming statistic highlights the critical role that Social Security plays in the financial stability of millions of Americans.
The survey further revealed that beneficiaries are struggling to make ends meet. Approximately 52 percent of respondents reported cutting back on discretionary spending, which includes activities such as dining out and traveling. Additionally, nearly one in five individuals indicated that managing or accessing their benefits has become more challenging this year.
Concerns about the future of Social Security are also on the rise. Over 80 percent of those surveyed expressed anxiety regarding the longevity of the benefits they have earned. This growing apprehension underscores the need for immediate attention to the Social Security system.
According to the latest Social Security Trustees Report, the Social Security Trust Fund is projected to be able to pay full benefits and expenses until 2033. However, if Congress does not take action, beneficiaries can expect only 77 percent of their benefits after that date. This potential shortfall raises serious questions about the sustainability of the program.
Richard Fiesta, Executive Director of the Alliance, emphasized the importance of Social Security for older Americans, stating, “Older Americans rely on the Social Security benefits they’ve earned. They should not have to worry about whether they will be able to access those benefits and/or whether they will receive the full amount.” He further suggested that the impending crisis could be averted and benefits strengthened if millionaires and billionaires paid their fair share.
TAKE ACTION: Tell Congress to strengthen Social Security by making the wealthy pay their fair share.
This was originally published in the September 12, 2025 edition of the Friday Alert. Read the full length version and see other Friday Alert editions here.
