Bipartisan Consensus on Social Security Reform, but Americans Unprepared for Changes — Nationwide Building Society

Event summary

80% of U.S. adults who receive or expect to receive Social Security agree the system needs reform, with bipartisan support for three key proposals.
61% of Americans believe the government will make changes before benefits are reduced, yet only 20% have a clear financial plan for potential reductions.
Current Social Security recipients are already making financial tradeoffs due to rising living costs, with 74% altering their spending habits.
Survey respondents working with financial professionals were nearly four times as likely to have a clear plan for reduced Social Security benefits.

The big picture

The Nationwide Retirement Institute's 2026 Social Security Survey highlights a rare bipartisan agreement on the need for reform, yet underscores a significant preparedness gap among Americans. This tension between consensus and inaction reflects broader challenges in addressing long-term fiscal sustainability amid political and economic pressures. The findings also underscore the growing role of financial advisors in helping individuals navigate uncertainty around retirement income.

What we're watching

Policy Timing: The pace at which legislative action on Social Security reform will materialize, given the 2032 projected depletion date.
Financial Preparedness: How the lack of clear financial plans among Americans will impact their retirement security if benefits are reduced.
Advisory Demand: Whether the increased interest in financial professionals' guidance will drive growth in the advisory services sector.