Only recently were reports released on significant changes to Social Security benefits, taxes, and rules in 2026. It was said that these changes would not only impact millions of retirees but also disabled workers, survivors, and Supplemental Security Income recipients. The latest reports indicate that the U.S. government is concerned that Social Security benefits will decline if appropriate actions aren’t taken.  

According to Express reports, although Social Security checks are getting a boost next year, some economists fear that Social Security payments are outpacing available funds. The check boost is due to the cost-of-living adjustment (COLA), but because the expenses exceed the funds, there won’t be enough remaining for future checks. 

A committee set up to develop a responsible federal budget, in its November release, found that capping the COLA for high earners could save nearly $115 billion over a decade. 

Several other proposals have been introduced to address Social Security checks. In addition to capping the COLA, the government is considering raising taxes to fund the program. 

However, a survey from the Cato Institute and YouGov indicates that many don’t support higher taxes, even though they believe Social Security is a much-needed government program. According to the survey results, 70% of respondents think benefits will be cut in the future, and 30% believe Social Security won’t exist at all by the time they retire. 

But the one question on everyone’s minds is whether Social Security is running out of money. According to the Committee for a Responsible Federal Budget, the funds set aside to pay retirement benefits are projected to be exhausted in approximately seven years. The combined retirement and disability funds, by contrast, are expected to be exhausted in about nine years. 

“Without legislative action, retirees will face an estimated 24 percent across-the-board benefit cut in late 2032.”

If current conditions persist, the SSA would be exhausted by 2033 and could pay only 77% of its scheduled benefits. Currently, the average Social Security recipient receives about $2,008 per check, and that could drop to $1,546.

In the same survey conducted by the Cato Institute, participants were asked whether they would accept a tax increase to prevent a 25 percent cut in Social Security benefits starting in 2033. 35% agreed, while 34% were unsure. 

When asked which tax increases Americans would support in general, 58 percent favored raising income taxes, while 63 percent preferred raising payroll taxes, but only as much as necessary. 

Almost 55 percent of survey participants agreed to the increase in payroll taxes from 12.4% to 16.05%, but when they were shown the actual dollar amounts behind those percentages, they were shocked.

The survey also asked whether participants would be willing to pay $1,300 per year in additional taxes to support Social Security. 77% of participants declined immediately. This was still a lower amount, which was communicated to survey participants; the required figure is $2,600, and 79% said they wouldn’t support it. 

The survey results clearly indicate that Americans are unwilling to pay higher taxes, regardless of income level. Even if it is someone who is making $150,000 per year or $30,000, no one is willing to pay $2,600 more per year. 

Reportedly, if Congress fails to act on these issues immediately, Social Security benefits will be cut by 24 percent starting in 2033. Amongst those who will be hit the hardest will be lower-income seniors, and this will further weaken the anti-poverty role.

Social Security’s future remains uncertain, and it depends on every American whether it can be saved.