Medicare and Social Security Are Critical to a Secure Retirement, Say Americans 50+

The importance of Social Security and Medicare to Americans age 50-plus cannot be overstated, according to the first annual AARP survey that explores feelings about these programs.

Key Findings

Nearly all Americans age 50-plus say Social Security and Medicare are important for financial security in retirement, including 90% who say Social Security is very important and 84% who say Medicare is very important.

Though they see these programs as important, Americans age 50-plus express skepticism over the future of Social Security and Medicare.

• Nearly 9 in 10 are worried that Social Security (87%) and Medicare (88%) will not be able to provide at least the same level of benefits in the future that they provide today.
• Around three-quarters are concerned that Social Security (75%) or Medicare (78%) will not be there when they need it.

They also recognize the need to put these programs on firmer financial footing: 83% say changes need to be made to Social Security to keep it financially sustainable for the future, and 73% say the same about Medicare.

Americans 50-plus also expect their elected officials to work together — and quickly — to resolve financial concerns around these programs.

• More than 9 in 10 say Congress must work immediately to find a financial solution for Social Security (93%) and Medicare (91%), including around three-quarters who strongly agree with this assessment.
• They also agree that Republicans and Democrats must work together to find a solution to Social Security (91%) and Medicare’s (95%) financial problems.
  
• Elected officials should take note that 91% say Social Security is important when deciding their vote in elections and 88% say the same about Medicare.

More than 90% of adults 50-plus agree that Social Security and Medicare together are critical to a secure retirement.

 Methodology

Interviews were conducted from February 2–February 21, 2024 among nonoverlapping samples of adults 50-plus using NORC’s Foresight 50+ panel. The same questions were asked of 1,050 adults pertaining to the Social Security program and 1,044 adults pertaining to the Medicare program. Funded and operated by NORC at the University of Chicago, Foresight 50+ is a probability–based panel designed to be representative of the U.S. household population 50 or older. Interviews were conducted online and via telephone. All data are weighted by age, sex, education, race/ethnicity, and region.

For more information, please contact Rebecca Perron at rperron@aarp.org. For media inquiries, contact External Relations at media@aarp.org.