Social Security has always been described as a safety net built to help older Americans stay afloat and avoid slipping into poverty once their working years are over.

For millions of retirees today, however, the program represents far more than just supplemental aid—it has become the very backbone of their ability to cover basic monthly expenses.

That heavy reliance underscores a troubling vulnerability, as a new survey highlights just how devastating potential benefit cuts could be for seniors in the years ahead.


A recent survey from Nationwide Financial found that many Americans worry they could not withstand even the smallest disruption in Social Security payments.

More than half of respondents expecting benefits said they would not be able to financially survive missing even half of a monthly check.

Fourteen percent strongly agreed with that statement, while 30% somewhat agreed. The same survey revealed that 74% worry benefits will run out in their lifetime, and 83% doubt the long-term security of the program.

These fears are not unfounded. Current projections show that the Social Security trust fund could run dry as soon as 2034.


If that happens, automatic cuts of around 19% would immediately go into effect. With the average monthly benefit at roughly $2,006 in July 2025, such a reduction would amount to a loss of more than $4,500 per year for the average retiree.

For many seniors already struggling with the rising costs of food, housing, and healthcare, that kind of shortfall could be devastating.

The root of the problem lies not just in the trust fund’s future but also in how heavily retirees lean on Social Security today.

The program was originally designed to replace about 40% of pre-retirement income, with the rest expected to come from pensions, savings, and investments.


Also read: Do you really have your own Social Security account? Here's what most people get wrong

But many Americans haven’t saved enough in retirement accounts like 401(k)s or IRAs, leaving them dependent on Social Security as their primary income. Without substantial savings, even modest cuts would feel catastrophic.

Compounding matters is the lack of emergency savings among seniors. Inflation has already strained those on fixed incomes, making it difficult for retirees to set aside reserves for unexpected expenses.

That reality explains why the idea of missing part of one check—let alone seeing a permanent cut—is so frightening for many older adults.

While building more savings now could help cushion the blow, for millions already retired, the options are limited.


Also read: Big Social Security changes are coming in 2026—here’s what to know now

The survey is a reminder that both policymakers and individuals face urgent choices. For lawmakers, reforms are needed to stabilize Social Security’s finances and prevent benefit reductions.

For workers and future retirees, the focus must be on saving as much as possible now to prepare for a less certain future.

Without both, too many Americans may face a retirement defined more by financial stress than by security.

Read next: Could your retirement plans handle a 24% Social Security cut in 2032?
Do you think Congress will act in time to protect Social Security benefits—or should Americans prepare for cuts as inevitable? Share your thoughts in the comments.