Younger Americans' trust in the Social Security system has plummeted to a 15-year low, with increasing numbers questioning its reliability.
In a recent survey, it was found that a staggering 80% of respondents are concerned about Social Security being available when they need it in retirement. This concern is not unfounded, as retirees are relying more on Social Security than they were two decades ago. The share reporting they rely substantially on Social Security has risen from 51% in 2005 to 65% in 2025.
Interestingly, the share of retirees who say they don't rely on Social Security has changed little in that timeframe, rising from 10% to 13%. This shift in reliance could be a sign of a growing need for the program or a decline in other retirement income sources.
However, Americans' overall confidence in Social Security has been on a downward trend. A new report by AARP found that Americans' confidence in Social Security is declining, with younger adults more skeptical of the safety net program than older adults. The report states that Americans' confidence dropped from 43% in 2020 to 36% in 2025, the lowest level since it fell to 35% in 2010.
The reasons for this decline in confidence are not explicitly stated in the report, but it could be linked to the potential for fraud, the impending trust fund depletion, or a combination of both. The U.S. Social Security Administration Commissioner, Frank Bisignano, has discussed potential opportunities for fraud in the program.
The trust fund depletion is a significant concern, with Social Security's main trust funds projected to be depleted in 2034. At this point, benefits would automatically be cut by 19% to match incoming payroll tax receipts. A new report finds that Social Security benefits face a potential 24% cut in less than a decade as the trust fund dries up.
The enactment of the One Big Beautiful Bill Act (OBBBA) could advance the insolvency date of Social Security's main trust funds to late 2032. This law includes provisions limiting the tax liability of seniors through a temporary, enhanced standard deduction. However, the Committee for a Responsible Federal Budget (CRFB) has projected that OBBBA's provisions could advance the insolvency date of Social Security's main trust funds.
If the insolvency date is advanced to late 2032, those reaching full retirement age at the outset of 2033 would face an automatic 24% benefit cut. This is a concerning development for the millions of Americans who rely on Social Security.
Despite these concerns, AARP CEO Myechia Minter-Jordan stated that Social Security has never missed a payment and Americans should have confidence that it never will. However, it is clear that efforts need to be made to address the declining confidence in Social Security and ensure its long-term sustainability.
The law known as the "Social Security Spare Change Act" could potentially provide a solution. The details of this law are not yet clear, but it is intended to help shore up Social Security's finances by allowing workers to round up their paychecks to the nearest dollar and direct the difference to the Social Security Trust Fund.
As the reliance on Social Security continues to grow and the trust funds approach depletion, it is crucial that action is taken to ensure the program's long-term sustainability and to restore Americans' confidence in it.
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