Mon, 24 August 2020 | social security retirement
As Social Security celebrates its 85th birthday in August, a recent AARP survey found that a majority of Americans (82%) say they will rely on the program at least somewhat for their retirement income. A large proportion, almost two-fifths (39%) said they will or do rely on Social Security as their primary income source for retirement.
The survey found that Social Security remains incredibly popular, with almost all respondents stating it is an important program compared to other government programs. In fact, over two thirds (68%) indicate it is one of the most important programs.
Although Social Security was never intended to be the sole source of income in retirement, a majority of Americans believe the program is inadequate for true retirement security. Two thirds of Americans believe the average monthly Social Security retirement benefit of $1503 per month is too low, and nearly three quarters of respondents are concerned that Social Security will not be enough to get by on.
Despite Social Security's popularity and importance in retirement income planning, a majority of Americans (57%) say they are not confident in the future of the Social Security program. The top reasons for this lack of faith include their lack of trust in the government to keep its promises (29%), that the money is running out (26%), and that politicians have taken money from the program in the past (16%). In fact, more than three quarters (76%) express concern that Social Security will not be there for them when they need it.
While confidence in the program is similar between those ages 18-29 and 50-64, it drops precipitously during the 30s and 40s. In fact, only 3 percent of those ages 30-49 are very confident in Social Security’s future.
AARP concludes that Americans recognize the value of Social Security to both themselves and their fellow Americans. Not only do they feel it is an important program, but they also believe that it is not doing enough to help Americans gain true financial independence in retirement. While a majority of Americans will or do rely on Social Security for retirement income, they are not confident in its future.
For more information:
Perron, Rebecca. Social Security Opinions and Attitudes on Its 85th Anniversary. Washington, DC: AARP Research, August 2020. https://doi.org/10.26419/res.00400.001