Historian predicts possible disappearance of Social Security in the US — MarketWatch
In the United States, cultural historian and author of the book “The Rise and Fall of Retirement in the United States: A Social History,” Lawrence Samuel, believes that the traditional retirement model is coming to an end and that the Social Security government program may eventually disappear. He said this in a comment to MarketWatch.
According to Samuel, retirement became a mass concept in the 20th century thanks to the development of the tourism industry, housing for older people, financial institutions, and consumer marketing. Previously, people often worked until they died. The historian expects that more and more Americans will remain in the labor market at an older age.
Retirement savings
According to data from the National Institute on Retirement Security cited in the publication, the median amount of retirement savings among American workers is $955 when people without savings are included. Among those with a positive retirement savings balance, the median amount is $40,000.
According to asset management company Schroders, Americans believe they need to save $1.2 million for a comfortable retirement. MarketWatch notes that as the number of traditional corporate pensions declines, workers increasingly have to build their own savings for old age.
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The future of Social Security
As MarketWatch notes, Social Security may exhaust its financial reserves in 2032. Without action by Congress, payments to beneficiaries could be cut by 22%. According to AARP, 40% of Americans aged 65 and older receive at least half of their income from the program, while about 14% of recipients in this age group depend on it for 90% or more.
Samuel predicts that Social Security, which provides retirement benefits to more than 68 million older Americans, may eventually disappear. He links this forecast to the development of the gig economy and the return of older people to work. According to the US Bureau of Labor Statistics, about 19% of Americans aged 65 and older were part of the labor force in 2025.
The historian also drew attention to difficulties that may arise after stopping work, including a lack of daily structure, loneliness, and isolation. According to consulting company AgeWave, the average retiree in the United States watches television for 47 hours a week. Samuel believes that employment, a sense of purpose, and the opportunity to do what interests them are important for older people.
