A new AARP report released today, ahead of Social Security’s 90th anniversary, reveals Americans’ confidence in the future of Social Security has declined by 7 percentage points in the last five years, from 43% in 2020 to 36% in 2025. This is the lowest level since 2010, when confidence in Social Security was at 35%. Younger adults are generally less confident: just 25% of people ages 18-49 are confident in the program’s future, compared to 48% of those 50 and older.
“More than 69 million Americans rely on Social Security today and as America ages, we expect at least 13 million more people to rely on it by 2035.” said Myechia Minter-Jordan, Chief Executive Officer at AARP. “For 90 years, Social Security has never missed a payment, and Americans should have confidence that it never will.”
AARP will continue its fight to make sure Social Security remains strong. Today’s seniors once thought payments might not be around for them but thanks to AARP voices and robust and routine advocacy over the decades, it continues to be an economic bedrock.
The report shows that more than two-thirds of Americans (67%) view Social Security as more important to retirees today than five years ago. Overall, 96% of Americans consider Social Security important, with broad agreement across party lines: 98% of Democrats, 95% of Republicans and 93% of Independents all say the same.
Additional findings show:
- Nearly two in three (65%) retired Americans say they rely substantially on Social Security, while another 21 percent say they rely on it somewhat. In 2020, 63% of retired Americans said they relied substantially on Social Security, jumping from 58% in both 2015 and 2010.
- More than three-quarters of Americans (78%) are worried that Social Security will not provide enough to live on during retirement. In 2020, 74% of people said the same.
- Sixty-two percent of people think the average Social Security payment of $2,000/month is too low. In 2020, 65% of people thought the average monthly payment was too low, compared to 61% in 2015 and 54% in 2010.
- Consistent with previous surveys, 89% of people believe Social Security makes it possible for older Americans to remain independent.
“Social Security has helped generations of Americans live with dignity in retirement. Older Americans routinely say the future of Social Security is one of the issues they care about most, and we will continue to work as hard and long as we need to ensure that Social Security remains the bedrock of retirement for generations to come,” said Minter-Jordan.
The Social Security Trustees Report, released in June, showed that if no action is taken by Congress prior to 2034, Social Security will only be able to pay out 81% of promised benefits from then on. According to the report, more than 82 million Americans are projected to be receiving Social Security retirement benefits in 2035.
The 90th anniversary report builds on AARP’s long-standing public opinion research on Social Security and examines how views have changed since 2005 on Social Security’s role in retirement, its importance to future generations, and the barriers Americans face in saving for retirement.
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Tags: AARP, consumer confidence, economy, Payroll, retirement, Social Security
