- A new federal report warns that Social Security retirement benefits in South Carolina could be reduced by 22% as early as 2032 if Congress does not take action.
A new federal report is raising concerns for South Carolina residents who rely on Social Security, warning that retirement benefits could be reduced as early as 2032 if Congress does not take action.
The 2026 Social Security Trustees Report projects the program’s retirement trust fund could be depleted in 2032. If that happens and lawmakers fail to make changes, retirees would receive only the revenue coming into the system through payroll taxes, resulting in an estimated 22% reduction in scheduled benefits.
For Columbia resident Christine Gibbs, who lives in an assisted living community and relies on a fixed income, the possibility of benefit cuts adds another layer of financial uncertainty…