10,000 Boomers Retire Every Day, and Social Security Won't Last. Will You Get Lucky or Be One of the 'Losers'? Find Out Here. Americans on average have saved only 78% of the amount they'll need in retirement.

By Amanda Breen Edited by Jessica Thomas

Key Takeaways

  • The Old-Age and Survivors Insurance Trust Fund will run dry by 2033.
  • David Blanchett, head of retirement research at PGIM, says younger Americans should expect reduced benefits.

Social security, the federal program that nearly 67 million Americans count on to fund their income in retirement, is running out — fast.

Ten thousand Baby Boomers retire every day, and by 2033, the Old-Age and Survivors Insurance Trust Fund will run dry, CNBC reported. Social Security won't disappear completely, but some retirees will likely get the short end of the stick.

Related: How a Grandma Who Made $35k Earns 7 Figures in Retirement

Workers will continue to pay Social Security payroll taxes and fund the program, but with no action from lawmakers, roughly 77% of promised benefits would be payable if the fund empties, per the outlet.

That means a bleak outlook for many Americans. On average, Americans have saved only 78% of the amount they'll need in retirement, and 52% of U.S. households may not be able to pay for essential expenses in retirement, according to a 2023 Fidelity report.

Although Congress is expected to address the issue, "there are going to be losers," David Blanchett, head of retirement research at PGIM, the asset management arm of Prudential Financial, told CNBC.

Related: Protect Your Retirement Fund Against Inflation With This Benefit

And who will those "losers" be? Probably no one who's already in retirement or close to it.

"But I do believe younger Americans — if you're maybe in your 40s — should count on a lower benefit," Blanchett warned.

Amanda Breen

Entrepreneur Staff

Senior Features Writer

Amanda Breen is a senior features writer at Entrepreneur.com. She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Buying / Investing in Business

Former Zillow Execs Target $1.3T Market

Co-ownership is creating big opportunities for entrepreneurs.

Starting a Business

Entrepreneur+ Subscriber-Only Event | May 28: How This Founder Sold 3 Million Units of His Toy Ball Idea

Subscribe to Entrepreneur+ for just $5! Get access to all member benefits, including our next Subscriber-Only Event with Joe Burke, Founder of Ollyball.

Leadership

Lead From the Top: 5 Core Responsibilities of a CEO

Knowing exactly what the chief executive's role entails is critical for steering a company to success.

Side Hustle

She Started a Creative Side Hustle While Working 'Dead-End' Jobs — Then Grew It From $10,000 to Over $50,000 a Month: '[It] Became Magnetic'

Alyssa O'Toole, 35, juggled "mismatched uniforms and odd hours" to turn her passion into a business.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

The U.S. Mint Announced It Will Stop Making Pennies. Here's How It Will Affect Businesses and Consumers.

Can you still pay with pennies? How will businesses make exact change? Here's what we know.