Updated
Updated · Yahoo Finance · Sep 10
62% of Americans Fear Retirement Shortfall as Social Security Faces 23% Benefit Cut After 2033
Updated
Updated · Yahoo Finance · Sep 10

62% of Americans Fear Retirement Shortfall as Social Security Faces 23% Benefit Cut After 2033

3 articles · Updated · Yahoo Finance · Sep 10

Summary

  • A Transamerica survey of 10,000 people found 62% of Americans believe they could work until retirement age and still fall short of the savings needed to meet their needs.
  • The anxiety is being driven by high living costs, economic uncertainty, worries about AI and robotics affecting work, and fears over long-term care expenses and Social Security cuts.
  • Social Security's Old-Age and Survivors Insurance Trust Fund is projected to pay full benefits only until 2033, after which beneficiaries would receive 77% of promised payments.
  • To reduce the risk, the report points to boosting retirement contributions, cutting spending, and considering long-term care insurance—an option advisers say many people should start pricing in their early 50s.

Sources

Center100%
Yahoo Finance2d ago
Americans Fear Insufficient Retirement Savings Despite Working Until Retirement
Yahoo Finance7h ago
The new American retirement fear: working until you die
Facebook2d ago
After putting in decades of work, you expect to have financial security, but recently, that doesn't appear to be the case, and not all Americans can look forward to a relaxing retirement.

Insights

If Social Security benefits drop by 22% in 2032, how can middle-class Americans survive when their median savings are only $64,000?
As nursing home costs top $11,000 monthly in 2026, is a written income plan enough to protect you from outliving your savings?
With a massive retirement shortfall in New York but a surplus in Washington, could simply relocating save your financial future?

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Sources

3 total
Center100%
Yahoo Finance2d ago
Americans Fear Insufficient Retirement Savings Despite Working Until Retirement
Yahoo Finance7h ago
The new American retirement fear: working until you die
Facebook2d ago
After putting in decades of work, you expect to have financial security, but recently, that doesn't appear to be the case, and not all Americans can look forward to a relaxing retirement.

Related Stories

39% of U.S. Retirees Resist Spending Savings as Fear of Running Out Persists
16h ago
43% of Americans Expect to Work Until Death as Inflation and Debt Deepen Retirement Fears
16h ago
US Boomers Risk $300,000 Retirement Losses by Skipping Long-Term Care Insurance
1d ago