Survey: Many Americans fear cuts to Medicare and Social Security
NerdWallet: 70 percent of Americans using Medicare are concerned their benefits will be reduced in their lifetime
(InvestigateTV) — People are feeling uncertain about the future of both Medicare and Social Security, according to a new NerdWallet survey.
Kate Ashford with NerdWallet said they found a lot of anxiety is tied to the current administration in the White House. Two-thirds of those surveyed worry Medicare will be reduced by the Trump administration.
“When you have worries like this, the best thing you can do is take steps to put yourself in a good financial spot. So, we go back to the basics on this,” Ashford shared. “We think people should be paying off their debt, they should make sure they have a healthy emergency fund and invest for retirement. The best way to ensure against the future is to make sure you have a good cushion to fall back on.”
One good way to painlessly build that cushion is to gradually increase retirement contributions. She said even increasing 401(k) contributions one percent every year can make a big difference. Also raise automatic savings or retirement with every pay increase.
For those using Medicare, Ashford recommended revisiting plans every open enrollment session. The 2026 Medicare open enrollment is open now until December 7.
“Every year we recommend people look at their plan and make sure they’re in the right plan. Medicare open enrollment in the fall is a great opportunity to make sure your doctors are still covered,” Ashford stressed. “If you’re in a Medicare Advantage Plan the network is still working for you. If you’re a in an original Medicare plan that your Part D plan is still working for you definitely take a look because prices and coverage change from year to year.”
She said a surprising number of people don’t look at their plans from year to year and just auto renew. She urged enrollees to always take another look.
Copyright 2025 Gray Media Group, Inc. All rights reserved.
