1 in 5 Americans Miss 20% Social Security Cut Risk as 2032 OASI Depletion Nears
Updated
Updated · Yahoo Finance · Oct 29
1 in 5 Americans Miss 20% Social Security Cut Risk as 2032 OASI Depletion Nears
3 articles · Updated · Yahoo Finance · Oct 29
Summary
More than 20% of Americans do not know Social Security checks could be cut by about 20% in 2032, according to a TIAA survey released after the latest trustees report.
The risk stems from the Old-Age and Survivors Insurance trust fund running out at the end of 2032, when payroll-tax income would cover only about 80% of scheduled benefits.
Social Security now pays roughly 71 million Americans, and 43% of seniors rely on it for most of their income, leaving many retirees exposed if Congress does not act.
Current financing relies on a 6.2% payroll tax each from workers and employers on wages up to $192,300 in 2027; proposed fixes include raising that cap, increasing taxes, trimming benefits or mixing both.