Social Security Confidence Falls as Depletion Nears

Americans' confidence in Social Security's future has declined, with only 36% expressing trust in its longevity according to recent AARP surveys. The skepticism is especially acute among younger adults, as only a quarter of those aged 18 to 49 expect to receive full benefits. The Social Security Trust Funds are projected to be depleted by 2034, which could trigger an automatic 20% reduction in benefits unless Congress acts. Reliance on Social Security has grown, with about two-thirds of retirees depending on it as their main income source, and 78% of adults worry that benefits won't cover basic living costs. Economic pressures like inflation and the lack of private retirement plans, as well as political affiliation, shape public attitudes toward Social Security. Policymakers face urgent decisions about raising taxes, increasing the retirement age, or finding new revenue to preserve the program's solvency.