This year’s Social Security Trustees report sends a clear message: Congress needs to act. The latest projections show Social Security’s Trust Fund reserves are expected to be depleted by 2034. That means without Congressional action, Social Security will have about 80% of the money it needs to make full payments. Congress needs to act to fill the 20% gap and they have plenty of tools in their toolbox to do it.
Some special interests in Washington will seize on this report to push proposals that would cut Social Security by reducing payments, raising the retirement age or otherwise shifting the burden onto hardworking Americans. We are fighting against this.
At AARP we hear every day from older Americans across the country who are struggling to make ends meet, like Victoria in Hawai‘i, who told us she depends on Social Security to pay her mortgage and bills. “Without it, my financial security would be shattered,” she said.
She’s not alone. A recent AARP Financial Security Trends Survey found that six in 10 Americans 50 and over worry about whether they will have enough to stay financially secure in retirement. Nearly seven in 10 say prices are rising faster than their income. Almost half report higher healthcare costs than just a year ago.
At the same time, many are entering retirement without enough savings — 42% of adults 0-plus who are not yet retired have less than $50,000 set aside. This is why Social Security
remains a lifeline. It helps people cover basic needs like housing, groceries, utilities and healthcare. Even with that support, a majority of older Americans say today’s average benefit (around $2,000 a month) is not enough.
For millions of Americans — including 302,577 here in Hawai‘i — Social Security is an essential part of their plan for financial security in retirement. It is earned through a lifetime of hard work. Social Security is not a bonus or a handout and it must be protected.
The good news is Social Security isn’t going broke. This is absolutely something Congress can fix in a way that protects the money we’ve earned, without cuts. Lawmakers have time to act and there are many ways to strengthen Social Security and close the projected funding gap. You can join our fight to maintain your earned Social Security benefits. Go to action.aarp.org/protectsocialsecurity to learn more.
AARP HAWAI‘I (nonprofit)
1001 Bishop St., Ste. 625, Honolulu, HI 96813
866-295-7282 | hiaarp@aarp.org
aarp.org/hi | facebook.com/aarphawaii
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