South Carolina residents relying on Social Security face uncertainty as a federal report warns of reduced retirement benefits by 2032 if Congress doesn’t act.
COLUMBIA, S.C. — 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.
“It’s our money promised to us,” Gibbs said. “To just take away our Social Security is just not right.”
Gibbs said rising costs have already made it difficult to make ends meet.
“Things aren’t gravy for us,” she said. “There’s a lot of things we have to pay for.”
According to the Social Security Administration, more than 1.3 million South Carolinians receive Social Security benefits.
Elizabeth McLendon is one of them. She said she’s been preparing for the possibility of reduced benefits for years by cutting expenses and paying off debt early.
“To prepare for it, I paid off my house about 12 years early,” McLendon said. “I don’t turn on the AC until it gets above 80, and in the winter I keep the temperature around 60.”
While some retirees are worried, economist Joey Von Nessen with the University of South Carolina believes Congress is likely to act before benefits are reduced.
“The program is so popular,” Von Nessen said. “There is a high incentive for Congress to help sustain it and make modifications.”
Even so, McLendon said her biggest concern is not for herself, but for younger generations who will depend on the program in the future.
“I’m concerned about the people who come after me,” she said. “I’m not terribly concerned about myself.”
Columbia resident Sarah Hickey said the report is troubling.
“That is kind of upsetting, absolutely,” Hickey said.
The report does not mean Social Security will disappear in 2032. Instead, it warns that without legislative changes, the program would only be able to pay a portion of scheduled retirement benefits after the trust fund’s reserves are exhausted. Congress could still make changes before then, including increasing revenue, adjusting benefits or implementing other reforms to keep the program financially stable.
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