Most Older Americans Fear Social Security Benefits Will Be Cut
Public confidence in the federal government’s ability to fix Social Security without cutting benefits is low. Like really low.
“Social Security is a cornerstone of retirement planning for millions of people, and the public is clearly paying attention to what the Trustees are saying.”
PlanGap’s David Duley
The 2025 Social Security Confidence Survey released this week by PlanGap revealed continued concern about the future of Social Security and a sharp decline in confidence that full benefits will be preserved among Americans ages 50 and older.
Seven in 10 (70%) said they were either “very” or “extremely” concerned that they may not receive full benefits as promised, and 68% reported low confidence in the government’s ability to solve the funding shortfall without reductions.
Just 9% said they felt “content” because they are hopeful the government will resolve the issue without cutting benefits.
The survey of 1,016 U.S. adults age 50 or older was conducted after the release of the 2025 Social Security Board of Trustees Report on June 18, which reiterated that, without Congressional action, the Trust Fund is projected to be depleted by 2033. At that point, the program would be able to pay only 77% of scheduled retirement benefits, representing a 23% shortfall.
When asked how Congress is most likely to address the shortfall, 72% predicted benefit cuts for some or all recipients; 15% believe the government will increase payroll taxes; and 14% think the government will borrow money to cover the shortfall.
“Social Security is a cornerstone of retirement planning for millions of people, and the public is clearly paying attention to what the Trustees are saying,” said David Duley, Founder and CEO of Atlanta-based PlanGap. “When confidence is this low, Americans aren’t just looking for reassurance—they’re looking for real-world solutions. At PlanGap, we’re focused on helping retirees prepare for potential benefit cuts by building financial solutions designed to offset reductions or provide enhanced liquidity when it matters most.”
Nearly half (48%) of older Americans in the PlanGap survey said they expect Social Security to fund at least half of their personal retirement income—and that might be on the lower end, according to data from the Social Security Administration itself.
In 2022, Social Security made up at least half of the total personal income for 38.3 million people, or 63.2% of adult recipients, according to Pew Research Center data citing SSA information. For 26.5 million people (43.6% of recipients), it accounted for three-quarters of their income. For 16.4 million (27%), it was their only source of income.
In 2025, SSA said in a Fact Sheet that an average of 69 million Americans per month receive a Social Security benefit, totaling about $1.6 trillion in benefits paid during the year.
SEE ALSO:
• 2025 Social Security Trustees Report Shows 23% Benefit Cut on Tap by 2033
• Analysis of New Social Security Trustees Report Exposes Harsh Realities
• 7 in 10 Americans Suspect They Won’t Receive Social Security Benefits
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
