American's Trust in Social Security Is Falling
Social Security forms the bedrock of income for tens of millions of Americans. But trust in the retirement and disability benefit system is eroding, according to a new report.
A survey of 3,599 Americans conducted by the nonpartisan organization AARP found that confidence in the future of the Social Security system has declined 7 percentage points since 2020, down from 43 percent in 2020 to 36 percent in 2025.
There are several reasons some Americans have waning confidence in the program, which pays out retirement, survivor, spousal and disability benefits to more than 74 million people. Thirty one percent said they "don't trust the government to keep promises" and 27 percent said they weren't confident because the money that funds Social Security is "running out."
There are also divides across age groups. Younger adults are more likely to base their confidence in Social Security on its long history, with 38 percent of those aged 18 to 49 citing this reason, compared to 25 percent of those aged 50 and older. Older Americans are more likely to cite trust in the government as a reason for their confidence, with 27 percent of those aged 50 and older doing so, compared to 16 percent of younger adults.
A Social Security card with U.S. dollars.
A Social Security card with U.S. dollars.
GETTY
Social Security Trust Funds
The report does not delve into specific reasons why the public is becoming less confident about Social Security. But while current benefit payments remain the same, the trust funds that shore up benefit payments are scheduled to run dry in 2034. The program is funded by a combination of payroll taxes and government reserve funds.
According to the latest Social Security Trustees report, the program's two trust funds—the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) funds—when combined are projected to reach insolvency by 2034. At that point, benefits would rely entirely on incoming payroll taxes, resulting in an automatic cut of about 21 percent, unless Congress intervenes. Several lawmakers, both Democrat and Republican, have put forward options for solving the looming shortfall.
The AARP report also found that almost two-thirds of all adults don't understand the implications of the trust funds running out. Only 34 percent indicated they understand benefits will be reduced, while 36 percent believed benefits would stop entirely and 28 percent they didn't know. It also found that 21 percent think Social Security retirement payments will be cut by at least half once the trust fund is depleted.
Social Security Is A 'Contract'
Despite waning confidence, Americans are still overwhelmingly supportive of Social Security, seeing it as a way "to protect their financial security and improve the common good."
When asked they agree or disagree with the statement "even though I think I might be able to do better on my own, I think it's important to continue to contribute to Social Security for the common good," 79 percent said they agreed, although this has dropped from 82 percent in 2020.
Democrats are more likely than Republicans or independents to believe it is important to contribute to Social Security for the common good, with 86 percent expressing this view compared to 74 percent of independents and 73 percent of Republicans.
AARP said that opportunities to ensure the long-term financial security of Social Security should be taken.
"Americans are interested in keeping Social Security strong for future generations," the report reads. "Social Security is the cornerstone of retirement security, but it faces a gap in funding that must be addressed in the next eight years to remain fully funded."
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