WASHINGTON, DC – Social Security serves as a financial lifeline for millions of Americans, especially in Florida, where many retirees rely on their benefits to cover essential expenses.

However, the program’s future is in question, with the Social Security trust fund projected to run out by 2035 and absent any reforms, current payroll taxes will only be able to fund 83% of the scheduled benefits.

Federal job cuts spark fear over Social Security’s stability

The start of Trump’s second administration has been marked by economic uncertainty, including tariff wars, stock market fluctuations, and government layoffs. According to a CBS News tracker, more than 28,000 federal employees have lost their jobs since the creation of the Department of Government Efficiency (DOGE).

These cuts, combined with budget reductions led by Elon Musk, the head of DOGE, have many Americans worried about how Social Security will be funded in the years ahead.

“Many, many people rely heavily on their Social Security income,” said Corie Colliton, a senior analyst with SeniorLiving.org.

A recent SeniorLiving.org poll of roughly 1,000 Americans found that 51% believe Trump’s policies will negatively impact Social Security, and 52% believe his policies will lead to a reduction in the benefit amount for recipients.

“That would, for many households, mean making decisions between food and other expenses or having to downsize because Social Security income is so essential,” Colliton said.

Most older Americans still believe Social Security will last

Despite concerns about budget cuts, 75% of older Americans remain optimistic that Social Security will continue past 2035. Many were reassured by Trump’s campaign promises to protect the program.

“Because he did say, even during his campaign, that he wanted to protect the program,” Colliton added.

White House Press Secretary Karoline Leavitt told media that, “President Trump has been unequivocally clear on this. He is going to protect Social Security for hardworking Americans who paid into these entitlement programs and deserve those hard-earned benefits.”

Younger generations seem more skeptical, with 61 percent of those under 30 and 58 percent of those aged 30-44 feeling uncertain that the SSA would pay full benefits past 2035.

How to stabilize Social Security?

One of the most widely supported solutions to stabilize Social Security is increasing taxes on higher earners. In other words, raising the taxable wage cap. In 2025, any income over $176,100 is not taxed for Social Security, so someone making $10 million a year pays the same amount as someone earning just above that limit. Raising the cap would increase funding without raising taxes on lower-income workers.

“About 67% of the people in our study supported that solution,” Colliton said.

Privatizing Social Security had far less support. Only 11 percent of those 60 and older favored the idea. Many worry that benefits tied to the stock market would be unreliable, especially during economic downturns. Others consider Social Security a guaranteed benefit that should not be subject to investment risks.

The survey also found that 60% of respondents expect an attempt to raise the retirement age for eligibility.

Other unconventional ideas were proposed as well, including cutting foreign aid, allowing younger workers to opt out of Social Security in favor of private retirement accounts, and even using tariffs instead of payroll taxes. A few respondents even suggested that expanding U.S. territory could generate additional funding.

More resources for those nearing retirement

For Americans preparing for retirement, SeniorLiving.org offers tools and guidance on housing, health, technology, safety, retirement, estate planning, and more. Information can be found at SeniorLiving.org or by calling (855) 241-1699.

For full survey details on how Americans feel about Social Security under the Trump administration, visit SeniorLiving.org’s research page.