Social Security cuts could shrink benefits for Georgia retirees

Millions of Americans who depend on Social Security could see their monthly checks reduced by up to 22% beginning in 2032 if lawmakers fail to address the program’s finances, according to the latest report from Social Security’s trustees. The projection has left many retirees in Georgia concerned about the future of the 90-year-old program, which also serves as a major economic driver across the state.

About one in five Americans receives Social Security benefits, making the program a financial lifeline for millions, said Bill Sweeney, AARP’s senior vice president of government affairs. For many retirees and people who are no longer able to work, those monthly payments represent their primary source of income. Sweeney also cited recent polling showing that eight in 10 Americans age 50 and older oppose reducing Social Security benefits to strengthen the program, unlike changes approved by Congress in 1983.

“When prices continue to rise and people are already feeling financial pressure, cutting Social Security benefits is the last thing lawmakers should be considering,” Sweeney said. “Instead, they should strengthen the program’s finances without reducing the benefits people have earned.”

More than 1.9 million Georgians receive Social Security benefits, and the program helps keep roughly 515,000 older adults in the state from living in poverty. Georgia also exempts Social Security income from state taxes, making it a more attractive retirement destination than states that tax those benefits.

Meanwhile, Sen. Bernie Sanders, I-Vermont, has again introduced legislation that would increase Social Security benefits by $2,400 annually while extending the program’s financial stability for the next 75 years. His proposal would eliminate the payroll tax cap, noting that billionaires currently pay the same amount into Social Security as workers earning $185,000 each year.

Although Social Security remains one of the federal government’s most widely supported programs, demographic shifts are putting increasing pressure on its finances. Lower birth rates and declining immigration have reduced the number of workers paying payroll taxes, contributing to the projected funding gap. According to the Center for Economic and Policy Research, the shortfall is projected to cost less than half of the increase in military spending proposed in the Trump administration’s 2027 budget.

Sweeney encouraged Georgia voters to press candidates for Congress on how they plan to protect the program before November’s midterm elections.

“The people we elect will ultimately decide how Social Security is addressed,” Sweeney said. “Voters should be asking every candidate what their plan is and whether their ideas match what Americans want for the future of Social Security.”