Social Security's clock is a decade earlier than Americans think
Clients are filing early on a 17-year guess; the Trustees' projection is roughly a decade shorter.
According to InvestmentNews' coverage of the Nationwide Retirement Institute's 2026 Social Security Survey, Americans on average believe the trust funds have 17 years left. The 2026 Social Security Trustees Report projects depletion around a decade earlier. When told of that projection, 53% said it was sooner than expected.
Eight in ten Americans want the program overhauled, with the same three fixes leading across generations: raising taxes on higher earners (51%), increasing employer-paid payroll taxes (42%), and reducing benefits above an income threshold (38%).
The early-claim trap
The misperception has a direct cost. 51% of Americans have filed or plan to file as soon as possible, often fearing cuts. Early filing typically locks in permanently reduced payments. Only 20% have a clear plan if benefits are reduced. Working with an advisor nearly quadruples that: 39% versus 10%.
The same respondents show a paradox: 61% expect the government to act before cuts land, while 74% of current recipients have already adjusted finances because costs outpace benefit growth. Of those, 51% reduced discretionary spending, 38% cut essential expenses, and 25% increased savings draws.
For an RIA, the survey is a reminder that beliefs about Social Security move clients before law changes do. The client who files early to beat a cut has already taken the cut. Closing that decade-long misperception is where advisors earn their fee.
The client who files early to beat a cut has already taken the cut.
The Close