Most Americans Have No Idea Social Security Is Going to Run Out [Video]

The vast majority of Americans have no idea that Social Security is set to run out of money in just nine years, a new report found.

According to a Peterson G. Peterson Foundation survey, only 30 percent of Americans said they knew that Social Security will need to cut its benefits by 21 percent due to the ongoing funding crisis.

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“It’s not surprising to learn most Americans have no idea about cuts to Social Security,” Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. “Most operate under the assumption the Social Security program will always be there for them and fully funded to provide for their financial needs later in life. The stark reality is cuts will have to be made to keep the program operational, and millions of Americans will be affected.”