Social Security could face a major benefit cut in 2032 if Congress does not act. The Social Security trust fund is projected to run out of money in the last three months of 2032. If that happens, Social Security benefits would automatically face an across-the-board 22% cut, according to the Social Security Board of Trustees.
That means millions of Americans could receive much less money each month.
More than 8 in 10 voters prefer candidates who have a plan to stop automatic cuts. More than 80% of voters said they would be more likely to support a candidate who has a plan to prevent Social Security benefit cuts. Only 17% preferred a candidate who promised not to make changes to Social Security. The survey was conducted by the Peterson Foundation among 2,500 registered voters nationwide from August 20 to August 27. Support for reform rises sharply when voters learn about the possible 2032 cuts. 91% of voters said they support Social Security reforms after being told that automatic cuts could begin in 2032 if Congress does nothing. This includes about 54 million retired workers and 9 million survivors and dependents. The average monthly reduction would be about $500, according to CRFB. The possible $500 monthly reduction would be a major hit for retirees.
Because inflation remains elevated and is increasing the cost of living, 85% said fixing Social Security is more important than ever.
CRFB said the average monthly cut would be higher than the amount the average retired household spends on groceries each month. The findings suggest voters are concerned about both the future of benefits and their current household expenses. This could put additional pressure on households that depend heavily on Social Security for their regular income.
The 2032 deadline means the issue could remain important through several elections. Senators elected in 2026 would be in office when the trust fund is projected to become depleted. The president elected in 2028 would also be in office at that time. That makes Social Security’s long-term funding a major policy issue for lawmakers to address before the projected 2032 shortfall.
Only 29% of voters supported borrowing more money to prevent the expected 2032 benefit cuts . At the same time, 68% of battleground voters opposed adding to the US deficit, which has reached about $40 trillion, according to the survey. Because social Security COLAs are used in calculating a person’s initial retirement benefit, it could also affect future retirees. Johnson said a flat COLA could therefore lower the starting benefit for many future retirees and reduce their total Social Security income over their lifetime.
Mary Johnson, an independent Social Security and Medicare analyst, said voters should understand the changes Congress may consider to strengthen the program. She said the issue could be important for people voting in the midterm elections. Johnson said the proposal could weaken the purchasing power of many Americans, including people in the middle class.
Borrowing more money was the least popular option. That was the least-supported proposal in the survey across demographic groups. Analysts say voters should pay attention to the Social Security debate. Analysts warn a flat-rate COLA could reduce benefits for many Americans over time.
