Overview
- The Social Security Administration projects the trust funds will be depleted in 2034, leaving enough income to pay about 81% of scheduled benefits.
- AARP is pressing Congress to secure full payments, pointing to options like lifting the taxable earnings cap or raising payroll tax rates.
- A 2025 AARP survey found only 36% of Americans confident in the program’s future, which has pushed more people to file earlier.
- Financial journalist Jean Chatzky urges patience on claiming, noting benefits typically rise about 8% for each year delayed from age 62 to 70.
- The system is funded by payroll taxes on wages up to $176,100 in 2025, and a larger wave of retirements is speeding the drawdown of reserves.