More retirees depending heavily on Social Security: Survey

(NewsNation) — A caller AARP survey shows that much retirees are leaning much connected their monthly Social Security payments arsenic compared to 20 years ago.

In the survey which polled much than 1,200 retirees, astir 65% said they greatly trust connected Social Security, portion 21% said they trust connected it somewhat. When AARP conducted that aforesaid survey successful 2005, fractional of those surveyed said they relied heavy connected their checks.

Confidence successful the bureau is besides declining, with 36% of Americans saying they judge it volition proceed to wage retired reliably and astatine the aforesaid level, compared to 43% successful 2020.

"Social Security has helped generations of Americans unrecorded with dignity successful retirement," AARP CEO Myechia Minter-Jordan said successful a statement. "Older Americans routinely accidental the aboriginal of Social Security is 1 of the issues they attraction astir most, and we volition proceed to enactment arsenic hard and agelong arsenic we request to guarantee that Social Security remains the bedrock of status for generations to come."

The surge successful dependency comes arsenic the bureau faces challenges similar staffing cuts and a fiscal situation that could origin payments to beryllium slashed starting successful 2034 if Congress does not act.