More retirees depending heavily on Social Security: Survey

(NewsNation) — A recent AARP survey shows that more retirees are leaning more on their monthly Social Security payments as compared to 20 years ago.

In the survey which polled more than 1,200 retirees, about 65% said they greatly rely on Social Security, while 21% said they rely on it somewhat. When AARP conducted that same study in 2005, half of those surveyed said they relied heavily on their checks.

Confidence in the agency is also declining, with 36% of Americans saying they believe it will continue to pay out reliably and at the same level, compared to 43% in 2020.

"Social Security has helped generations of Americans live with dignity in retirement," AARP CEO Myechia Minter-Jordan said in a statement. "Older Americans routinely say the future of Social Security is one of the issues they care about most, and we will continue to work as hard and long as we need to ensure that Social Security remains the bedrock of retirement for generations to come."

The surge in dependency comes as the agency faces challenges like staffing cuts and a financial crisis that could cause payments to be slashed starting in 2034 if Congress does not act.