Is Social Security Going Bankrupt? Most Older Adults Think So

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2023-09-19 10:15:00  • 4 mins

Social Security is a lifeline for millions of seniors. In fact, nearly one-quarter of U.S. adults age 50 and older say they have no other sources of retirement income outside of their benefits, according to a 2023 survey from the Nationwide Retirement Institute.

However, the Social Security program has been facing a cash shortfall in recent years, leaving many people concerned about its future.

Image source: Getty Images.

Around 75% of adults age 50 and older say they're worried Social Security will run out of funding in their lifetime, the Nationwide survey found, and 24% of U.S. adults across all age groups believe they won't get a dime of the benefits they have earned.

There's good news about bad news about the future of Social Security, though. The good news is that the problem isn't as severe as many people believe. But the bad news is that there are still serious issues that could affect your benefits.

When will Social Security run out of money?

There have been many claims that the Social Security program is running out of funding and that it will go bankrupt in the coming years. While it is facing a financial shortfall, it's not actually running out of money entirely.

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