As Social Security celebrates its 90th anniversary, a new survey from AARP reveals overwhelming support for the program, with nearly all Americans viewing it as essential to financial security. The survey also highlights how its importance has grown over the past five years.
Broad Support Across Political Lines
The AARP survey found that 96% of Americans agree that Social Security is important, with support spanning political affiliations: 98% of Democrats, 95% of Republicans, and 93% of Independents. The program’s importance is recognized not only by those nearing retirement but across all age groups, demonstrating its widespread value.
Increasing Importance of Social Security
The survey also indicates that 67% of respondents believe Social Security is more important now than it was five years ago, reflecting a rising awareness of its significance. This shift represents an increase from previous surveys in 2020 and 2015.
Social Security as a Pillar of Retirement
For many retirees, Social Security serves as a primary source of income. Nearly two-thirds of retired respondents say they rely heavily on it, and 21% rely on it somewhat. This marks a steady increase from 58% in 2010, underscoring how the program has become increasingly integral to retirement planning.
In New Jersey, more than 1.7 million residents depend on Social Security, with over 596,000 families relying on it for more than half their household income, according to AARP.
Social Security’s Role in Enhancing Quality of Life
Beyond covering basic living expenses, Social Security provides retirees with the freedom to enjoy hobbies, spend time with loved ones, and live more comfortably. AARP New Jersey State Director Chris Widelo highlighted the program’s success, saying it helps older New Jerseyans remain out of poverty and live with dignity after a lifetime of hard work.
Concerns About the Future of Social Security
Despite broad support, confidence in the future of Social Security is waning. Only 36% of Americans feel confident that the program will be there when they retire, a significant drop from 2020. Younger adults, in particular, are uncertain about the program’s ability to provide sufficient support in the future.
Additionally, 78% of respondents expressed concern that their benefits won’t be enough to live on, up from 74% in 2020. Meanwhile, 62% believe the average monthly payment, currently about $2,000, is too low.
Lack of Knowledge About the System
Although many Americans believe they understand how Social Security works, the survey suggests that most may not have the knowledge necessary to make informed decisions about when to start collecting benefits.
The Core Values of Social Security
Despite these concerns, the belief in Social Security’s purpose remains strong. 89% of Americans agree that Social Security allows older adults to maintain their independence and avoid relying on family for financial support. The same percentage believe that without Social Security, those who depend on it would face financial hardship.
Support for the core values of fairness, shared responsibility, and honoring promises remains high.
As Social Security marks its 90th anniversary, the survey shows that while confidence in the program’s future is decreasing, its importance in ensuring financial security for retirees is stronger than ever. Americans continue to view Social Security as a vital contract between generations, one that must be preserved and protected for the future.
