Expert Warns Social Security Could Fade by 2032 as 22% Benefit Cut Looms

1 articles · Updated · Yahoo Finance · Sep 19

Lawrence Samuel told younger Americans to keep working rather than count on a traditional retirement, arguing Social Security will eventually “go away” and employer health insurance may matter more than protecting a 401(k).
2032 is the key pressure point: the Old-Age and Survivors Insurance trust fund is projected to run out, leaving benefits funded only by payroll taxes and forcing a 22% cut unless Congress acts.
More than 58 million Americans 65 and older now receive benefits, but slower population growth and a faster-rising senior population are leaving fewer workers to support more retirees.
Samuel said the retirement model itself is breaking down as longer lifespans can stretch retirement past 30 years, while isolation and loneliness make the old vision of leisure less workable.