According to an AARP survey, a large population of the public has lost faith in the future of Social Security in the last five years. The results show that younger Americans show a negative attitude regarding the sustainability Social Security.
Confidence in the System Drops Overall
Between June 18th and 23rd, 3599 individuals participated in a survey. The results conclude that only 36% said they felt very or somewhat confident that Social Security will be there for them in the future. This showed a 7% decline since 2020. The decline occurred significantly amongst Americans in their 30s and this underlines the specific age group that seems unsure about the future of Social Security.
The results also vary depending on the political changes and party affiliation. In the most recent results, 44% of Republican respondents said they felt confident in Social Security’s future. That compares to 32% of Democrats and just 30% of independents.
During the Obama administration, Republicans were the least confident in Social Security, while more than half of Democrats expressed trust in the system.
Social Security Remains a Critical Income Source
Regardless of the increase in concern about the future of the program, it is important to note that Social Security is a key factor in retirement income. In the year 2005, more than half of retirees (51%) stated that they planned to rely more on retirement income and by the year 2025, that result increased to 65%.
In contrast to this, in 2025 only a small percentage of people (13%) mentioned that they will not rely on Social Security at all. This is a slight increase from 10% in the past two decades. These results show that even though people are becoming more uncertain, Social Security remains an essential part of most Americans’ retirement planning.
Older Adults Resist Major Changes
The survey also revealed, amongst older Americans, a strong resistance to major changes to Social Security. A high of 95% participants who are aged 50 and above stated that believed it would not be fair to make changes that would impact those who have already retired or at least nearing retirement.
To compare to this, 85% of people aged 18 to 49 were in agreement. Even though this is also a high number, there is still a gap between generations and how they react to Social Security changes.
In addition to this, 74% of participants agreed that Social Security is an important government program. This increased from 68% in 2020.
Funding Concerns on the Horizon
According to a report that was published in June by the trustees who manage the program, the combined trust funds that support Social Security benefits are now projected to be depleted in 2034.
The report stated that the timeline increased by approximately three calendar quarters, this is partially due to the recent changes in law. One of the biggest factors was the signing in of the Social Security Fairness Act. The law repealed two controversial provisions that had previously prevented benefits for many government workers receiving both a pension and Social Security.
This repeal was beneficial to many; however, some economists and law experts are concerned about the financial impact. Critics have warned that the law adds strain to an already struggling system.
Survey Methodology and Margin of Error
The survey that was conducted by AARP had included a sample size of 3599 participants. The results from this survey reflected U.S. demographics based on age, gender, region, race/ethnicity, educational background, and AARP membership. Many Americans will look towards retirement, but it is important to note that Social Security remains a crucial aspect. The topic of funding challenges is still surfacing and the trust in the program is declining. The future of Social Security will still remain the topic of conversation in the years to come.