As Social Security approaches its 90th anniversary, more Americans are leaning on it as a critical part of retirement, even as confidence in the program’s future continues to decline. A new AARP survey finds that nearly two-thirds of retired Americans (65%) say they depend heavily on their monthly Social Security checks. That number has risen steadily from 58% in 2010, reflecting a growing reliance on the program over the past 15 years.
More retirees leaning on Social Security as a lifeline
The shift in Social Security reliance may also reflect a generational milestone. In 2024, the largest birth year of the baby boomer generation became eligible for benefits. According to the Alliance for Lifetime Income, more than 4.1 million Americans are now turning 65 each year through at least 2027. That’s up from the average of 10,000 per day to more than 11,200.
“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, CEO at AARP.
Confidence in the system hits a low
At the same time, trust in the long-term stability of Social Security is fading. Just 36% of Americans say they are confident the program will be there for them in the future, down from 43% in 2020. It marks the lowest level of confidence since 2010.
“For 90 years, Social Security has never missed a payment, and Americans should have confidence that it never will,” Minter-Jordan said.
The survey, which gathered answers from more than 3,200 people, shows the most concern among younger adults. Only 25% of those ages 18 to 49 said they believe Social Security will be available to them when they retire, compared with 48% of those age 50 and older.
Future funding uncertainty
On top of those numbers, the program faces financial uncertainty. A recent Social Security Trustees report projects that, without action from Congress, the program will only be able to pay 81% of promised benefits beginning in 2034.
The Center on Budget and Policy Priorities says most of Social Security’s funding comes from payroll taxes, but the program also built up $2.8 trillion in reserves over the past 40 years. That surplus was invested in interest-earning Treasury bonds. Now, with costs outpacing income, those reserves are being used to close the gap.
The AARP survey also reveals that 78% of Americans worry that Social Security payments won’t be enough to live on. The average monthly benefit is about $2,000, a figure that 62% of respondents say is too low.
Support remains high across political lines
Still, despite concerns and uncertainties, support for the program remains strong. A wide majority, 96%, said Social Security is important for the country. That view seemingly crosses political lines, with 98% of Democrats, 95% of Republicans and 93% of independents all in agreement.
The report comes as lawmakers continue to debate long-term funding options for the program. By 2035, the number of Americans receiving Social Security retirement benefits is expected to exceed 82 million.
