AUTHOR: R Quinn on 2/06/2025
The Employee Benefit Research Institute, surveyed 3,600 retirees in 2024. The survey found younger retirees were much more reliant on Social Security than older ones. The oldest retirees, ages 74 and 75, reported that 52% of their income came from Social Security. The youngest, ages 62 and 63, said they drew 67% of their income from the retirement trust fund.
What is that telling us?
Older retirees are more likely to have a pension.
Younger retirees are not accumulating sufficient retirement assets?
Social Security may be more important than we may think?
What is a reasonable percentage, if there is one?
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QUINNSCOMMENTARY 
Here is the interesting challenge, assuming no action by Congress other than a 25% cut in benefits when trust funds are exhausted in 2034, won’t an across the board cut have a disproportionate impact on those who deferred commencement? Or, do you think Congress is savvy enough to adjust the 25% cut based on the SSPIA, and recalculate the benefits – so that it is proportional?
Do you think the cuts to spousal benefits will be “across the board” or perhaps proportional as well – based on 50% of the SSPIA, adjusted for early commencement, as appropriate?
Assuming they get to actually pass lesiglation, my bet is $0 in benefit cuts and increasing taxes on those who are not likely to vote for the party in power anyway. So, if Trump is smart and wants to see J. D. Vance (or whomever) elected (jury is out on that one), he will take action in such a way (say by increasing the percentage of pay and not messing with the wage base) that does not disproportionately impact folks who typically vote for Republicans.
That is, the D’s don’t want to raise taxes and Trump is not running for reelection – so, he just might get 60 votes in the Senate if he accepts the blame for touching the third rail.
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It also says that the younger retirees in the survey took SS at the earliest age, thereby receiving the smallest benefit. They also are more reliant on the reduced benefit which indicates they had less than satisfactory jobs.
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