Retirees fear tariffs will drive inflation past Social Security increases
About half of retirees are addressing these worries by cutting back on discretionary spending. About one-third say they are reducing essential expenses, and another third are relying more heavily on their savings or retirement accounts, the survey found.
“Today’s retirees are facing economic headwinds that feel more unpredictable and immediate than ever before,” said Tina Ambrozy, head of strategic customer solutions at Nationwide. “While it’s difficult to predict the long-term impact of recent shifts in U.S. trade policy, with inflation on the rise and new tariffs adding to economic uncertainty, more Americans are worried about whether Social Security will be enough to support them in retirement. These findings show that many Americans are just one disruption away from serious financial strain.”
Current retirees aren’t the only people worried about their ability to make ends meet on Social Security payments. Eighty-three percent of Americans said they are worried about the long-term viability of Social Security, and 74% are concerned the program will run out of funding in their lifetime. About one-third of America’s youngest workers believe they won’t ever see a dime of the Social Security benefits they’ve earned.
The survey also revealed a significant knowledge gap around Social Security benefits. Only 21% of respondents were able to correctly identify the age at which they are eligible to receive full Social Security benefits. In addition, 1 in 5 current Social Security recipients reports that it is becoming more difficult to access or manage their benefits. This suggests the system is increasingly complex to navigate without professional help, said Nationwide.
“Social Security is one of the most important income sources in retirement, yet many Americans don’t fully understand how it works,” said Ambrozy. “Employers have a unique opportunity to bridge that gap. By offering targeted education, personalized planning tools, and access to financial guidance, they can empower employees to make informed decisions that maximize their benefits.”
About 60% of survey respondents said they are open to receiving help from financial professionals to manage or navigate potential cuts to Social Security benefits. More than three-quarters said they’d switch from their current financial advisor to another paid advisor to access better advice on Social Security benefits, and a large number of respondents were particularly interested in receiving help with Social Security tax strategies.
“Starting the conversation early—well before retirement—is key,” said Ambrozy. “When employees understand their options, they’re better prepared to retire with confidence. It’s vital that employees understand how Social Security may contribute to their retirement income as they create a strategy for decumulation of their employer-sponsored retirement plan savings. At Nationwide, we believe that financial wellness includes clarity around Social Security. It’s not just about saving—it’s about knowing how to claim wisely.”