On Thursday, I pulled into the parking lot at Atria Tanglewood, a senior living facility on the south shore of Long Island, about an hour outside of Manhattan. In a basement-level room, surrounded by wide-brimmed hats left over from the facility’s Kentucky Derby party the day before, I talked to four residents about Social Security and their savings.
Two lifelong Democrats, an independent, and a formerly “very involved” Republican, none of them support President Donald Trump. Despite having relatively few expenses, all of them are alarmed.
Social Security checks as a source of stress
In recent months, Trump and the White House DOGE Office have enacted big changes at the Social Security Administration, like staffing cuts that have impacted customer service. Some of the more than 73 million people that claim Social Security benefits are worried about their monthly checks, even though Trump has vowed not to touch the SSA’s funding.
When asked for comment, a representative for the White House directed Business Insider to a recent press release about the SSA, which highlights “enhancing customer service, reducing waste, fraud, and abuse, and optimizing its workforce.”
All four of the residents I spoke with are retired and get Social Security, and they each said they’ve been keeping up with the changes at the SSA. They’re still receiving their benefits, but some are nervous about the money.
Judy Martin, 89, started receiving benefits in 1992 and said the changes “scare” her.
“Our checks get deposited right into a checking account, and every month, I’m very cautious, looking to make sure that they come in,” she told me. “I’m just being on the safe side.”
The same goes for Bob Katz, an 85-year-old former clinical pharmacist: “I’ve been concerned. Every month I know what it’s supposed to be, so I check. So far, so good.”
Those I spoke to said they mainly put their Social Security money toward rent, but said the checks don’t comprise the majority of their monthly income. Martin said if her and her husband’s checks are ever delayed, they might not be able to afford their room at Atria Tanglewood anymore.
None of those I spoke with said that they think Trump will actually slash Social Security funding — they, like many politicians, think it would be a political nightmare.
‘My 401K is a 201K’
Even more than their Social Security checks, those I talked to are watching their savings accounts. When I asked if anyone had looked at their 401Ks amid the recent market turmoil, all of them nodded.
“I’ll oversimplify it: My 401K is a 201K,” said Benjamin Meyer, a 78-year-old former alcohol retailer. “Not really. I haven’t lost that much, but I don’t like what’s going on.” He said, though, that he believes the money will come back, just like it did after 2008.
Martin said she and her husband have lost a chunk of their savings, and she is keeping an eye on the market.
“The last time it went down it did come back up, but who knows now what’s going to happen?” she said.
Judy Perlman, who told me her age is “unlisted,” said she and her husband were always conservative with their investments. Now her daughter manages her money, and Perlman doesn’t think it’s in the stock market, though knows her daughter is stressed. Both Katz and Meyer brought up additional savings, but said the extra money can’t last forever.
Living at an assisted living facility, the residents I talked to don’t have many expenses other than rent. Perlman said she buys gifts for her grandkids; Katz mentioned copays and prescriptions.
Perlman said she recently listened to a radio show about past presidents and remembered how much turmoil she’s lived through — and forgotten about.
“The McCarthy era, remember that? The war?” she asked, being met with nods. “Those of us that are older have been through a lot of different situations and somehow we always manage to get out of it. I’m more fearful now, though.”
Read the full article here
