08.20.25

Half of Retirees ‘Terrified’ of Tariffs Draining Savings

by: Edward Rueda

A Nationwide Retirement Institute survey found that half of retirees are “terrified” tariffs could harm their retirement income, with 63% expecting tariffs to drive inflation above the 2026 Social Security cost-of-living adjustment. Rising costs have led 52% of recipients to cut discretionary spending and 31% to reduce essentials, while 29% have tapped savings. Many feel financially precarious: 61% said missing half a Social Security payment would be unsustainable. Across generations, over half of respondents fear tariffs will impact retirement savings. Additionally, 83% worry about Social Security’s long-term survival, with 61% expecting to need continued work despite benefits.

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