AARP Hearing Center
Key takeaways
- The latest annual report from Social Security’s trustees projects that the system’s surplus funds will run out in 2034.
- Unless Congress acts, Social Security will only be able to pay about 80 percent of benefits, and the burden will fall primarily on future generations.
- You can join AARP’s fight to protect Social Security for our children and grandchildren.
Summary
Social Security is at a turning point, with new projections indicating the surplus in the system’s trust funds will be depleted by 2034. Unless Congress acts, Social Security would then be able to pay out at about 80 percent. Nancy LeaMond, AARP’s chief advocacy and engagement officer, outlines why this issue matters not only for current beneficiaries but also for future generations.
LeaMond notes that changes to Social Security aren’t likely to affect current beneficiaries but could have a major impact on financial security for our kids and grandkids, who may struggle to save for retirement amid rising costs and a challenging job market. our kids’ and grandkids’ financial security. We understand how much people count on Social Security, which is why we’re fighting to protect it for the future.
The key takeaways and summary were created with the assistance of generative AI. An AARP editor reviewed and refined the content for accuracy and clarity.
Full transcript:
[0:00:00] The Social Security Trustees Report was released this
[0:00:02] week, and the latest projections show that the Social Security trust fund’s
[0:00:06] reserve will be depleted by 2034.
[0:00:10] After that, it will be able to pay out at 80 percent unless Congress acts.
[0:00:16] If you’re watching this video, you probably know about AARP’s work to protect and strengthen Social Security.
[0:00:23] It’s such a central part of our mission that sometimes the two feel inseparable.
[0:00:28] I know that you care a lot about Social Security.
[0:00:31] In fact, you’re probably one of the 71 million Americans who count on it.
[0:00:36] But real talk, you may also know that any changes to Social Security won’t really affect people like us.
[0:00:41] We’ll likely be grandfathered in, no pun intended.
[0:00:47] But it’s not just about us, is it?
[0:00:50] We also care a lot about our kids and grandkids and about their futures,
[0:00:55] and it sure doesn’t seem to be getting any easier for them, does it?
[0:00:58] The job market is challenging, and saving money for retirement is harder than ever, with the cost of everyday expenses going up and up.
[0:01:07] That’s exactly why this is our fight.
[0:01:10] We understand how much people count on Social Security.
[0:01:14] Even if younger folks aren’t focused yet on how important it is, we know it
[0:01:18] will be, for them and their children.
[0:01:20] I urge you to get involved, to join with AARP in this fight, not just for people like us, but also for all those who come after us.
