44% of Americans Think Social Security Won't Be There When They Need It. Are They Right?
Millions of seniors today regard Social Security as an important source of income. But the program has some financial issues it needs to sort out. And if that doesn't happen, benefit cuts could be a distinct possibility in the not-so-distant future.
It's not surprising, then, to learn that 44% of Americans don't think Social Security will be there for them when it's time to claim benefits, according to Northwestern Mutual's 2022 Planning & Progress Study. But while it's easy to see why some people might be ready to give up on Social Security, the reality is that all isn't lost.
It's absolutely true that Social Security recipients may be looking at benefits cuts in a little over 10 years if the program doesn't find a way to shore up its finances. And recent reports indicate that those benefits cuts may end up in the ballpark of 20%.
Source Fool.com
