Social Security, a vital source of income for many retirees, is facing mounting challenges as a growing number of Americans lean more heavily on the program. According to a new survey conducted by AARP, an increasing share of retirees report depending on Social Security to meet their financial needs, raising concerns about the program’s future stability.
Rising Reliance on Social Security
In the latest survey, about two-thirds of retirees (66%) said they either substantially rely on Social Security for their retirement income or plan to do so. This is a significant increase from 2005 when only half of retirees reported heavy reliance on Social Security. The surge in dependency is concerning, especially as the program faces financial challenges that could affect future benefits.
As of 2025, Social Security is facing a long-term financial crunch that could lead to a 23% reduction in monthly payments starting in 2034 if no reforms are made. This growing reliance on Social Security comes amid concerns about staffing cuts at the Social Security Administration (SSA) and its ability to process the increasing number of benefit applications.
Concerns Over Social Security’s Future
The AARP survey, conducted to mark the 90th anniversary of the Social Security Act, revealed growing concerns about the future of Social Security. Around 78% of Americans expressed fear that Social Security won’t provide enough income for them during retirement. This marks an increase from 74% five years ago, underscoring the rising unease about the program’s long-term viability.
In addition, only 36% of Americans today believe Social Security will continue to provide reliable benefits at the same level. This is a 7% drop from 2020, highlighting a decline in confidence regarding the program’s future.
Despite these concerns, 96% of Americans agree that Social Security is an important program. This sentiment spans all age groups and political affiliations, indicating broad bipartisan support for maintaining the program.
Younger Americans Are Most Pessimistic
Younger Americans, particularly those in their 30s, are the most pessimistic about Social Security’s future, with many underestimating its importance for their own retirement. However, the study found that confidence in Social Security increases as people approach retirement age, as they realize how crucial it will be in maintaining their standard of living during retirement.
Bill Sweeney, Senior Vice President of Government Affairs at AARP, noted, “Receiving Social Security benefits changes how people view the program. They realize how important that inflation-adjusted income is.”
Social Security Filings at Record Rates
As concerns about the program’s future grow, more Americans are filing for benefits at record rates in 2025. A combination of job cuts at the SSA and the increasing number of retirees has led to a surge in filings. Social Security now serves 68 million beneficiaries, a 42% increase from two decades ago, and this number is expected to rise to 82 million by 2035, according to AARP.
Wealth Inequality and Social Security
Wealth inequality among retirees continues to be an issue. While white-collar workers often enter retirement with substantial savings thanks to corporate 401(k) plans, about half of all private-sector workers lack access to retirement savings accounts. This creates significant barriers for many individuals who are left relying heavily on Social Security for their retirement.
Lack of Social Security Knowledge
Despite the importance of Social Security, many Americans lack a solid understanding of the program’s fundamentals. The AARP study found that:
Only 24% of respondents knew that the best age to maximize Social Security benefits is 70.
Around one-third of respondents incorrectly believed that Social Security benefits would stop entirely if the trust funds run out. In reality, if the funds are not replenished, benefits will be reduced by about 20% by 2034, not eliminated altogether.
What’s Next for Social Security?
As Social Security faces financial strain and rising demand, reform is crucial to ensure that the program can continue to support retirees. With fewer than eight years remaining before the trust fund is projected to be depleted, lawmakers must take action to address the program’s solvency. However, the current trend of declining confidence in Social Security highlights the need for clear, effective solutions that will protect this vital source of income for millions of Americans.
