According to the 2023 Social Security survey, adults aged 50 and above are concerned of that Social Security might run out of money.
Will Social Security ever run out of money?
The Nationwide Retirement Institute has conducted an annual survey since 2014 to gauge Americans’ perceptions, concerns, and knowledge about the U.S. Social Security system including if it will run out of money.
The latest survey highlights significant changes in Americans’ attitudes towards Social Security and the possibility of it to run out of money over the past decade.
Seventy-five percent of them worry that Social Security will not have enough funding during their lifetime. This is an increase from 66% in 2014 survey regarding the idea of the possibility of Social Security to run out of money.
Many Americans depended on Social Security benefits, so the thought of it to run out of money is perplexing.
In a CNBC report, it was mentioned that Social Security once run out of money. It said that in 1983, Social Security suffered a reserve deficit causing it to almost run out of money.
However, CNBC added that the issue of Social Security to almost run out of money was solved by a Bipartisan legislation by making several adjustments. One of these adjustments was gradually raising the full retirement age from 65 to 67.
Additionally, income tax was imposed on Social Security benefits to solved issue of Social Security to almost run out of money.