Families across America are facing retirement years with less financial resources than they expected and are likely to need. Rebuilding the foundations of retirement security will require a multi-pronged effort. Social Security must be strengthened for the long haul. New savings programs are needed to make up for the decline of traditional pensions and reliance on 401(k)s. Many of us will have to work longer than we expected in order to build up nest eggs that will last a lifetime. Government, private employers and individuals all must help. In an era of growing longevity, inaction only will make this challenge more costly to address.
Social Security’s role as the centerpiece of lifetime guaranteed, inflation-protected, retirement income has never been more important, and AARP is committed to strengthening it for the long term. Social Security is an earned benefit that protects people of all ages, and must continue its invaluable role in providing disability and survivors’ benefits to most families.
We believe that Social Security should provide an adequate floor of protection, should be fair to all regardless of marital status, and should be financially stable for the long term.
Social Security is not the cause of current budget deficits. But its 75 year financial outlook is weakening and must be shored up for future generations. Importantly, the measures needed to keep Social Security on sound, long-term footing can be moderate in nature and phased in to protect current retirees.