PINELLAS COUNTY, Fla. — Social security is a program that has been around since 1935 and provided more than 72 million Americans benefits in March.
The new 2024 Social Security Trustees Report states that by 2035, social security trust funds will be exhausted...and unless congress acts, would only be able to cover up to 83% of benefits owed to people who are retired or people with disabilities.
"I think that is a very scary reality. I think that a lot of the safe holds that hold people up when they are in times of need are very necessary," said Juan Mauro, a resident in Pinellas County.
Mauro is 22 years old and said he's concerned that he won't be able to retire comfortably in the future.
"The price of living is just so expensive now, it's so hard to maintain, especially when Pinellas County is considered up and coming," said Mauro.
"If you're planning to take that 100%, that may be challenging when you may only receive 70% of that," said Adam Taylor, a financial advisor in the Tampa Bay Area.
Pat Hanehan, another resident in Pinellas County, said the report is concerning for younger generations.
"I think it's very scary, I think many people my age and older absolutely depend on it," said Hanehan.
Residents who are supposed to be retired, said it's so difficult to keep up with the cost of living in that they are having to pick up one or two jobs.
"You go to about any store and see people who are working that probably should be retired at that point," said Hanehan.
Taylor said the best thing to do is limit spending and increase contributions to your 401K.
"See what else you can do now to start saving to really help create that passive income or that paycheck when you are retired," said Taylor.
Taylor suggests people start planning for their retirement decades in advance.
"While the future of this program remains uncertain, I think it's important to proactively meet and talk with someone, an advocate, a planner that can help you navigate this evolving landscape over time," said Taylor.
Hanehan hopes lawmakers make adjustments to help with the issue.
"I think it absolutely should be a high priority to be fixed," said Hanehan.
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