Thursday marks the 90th anniversary of Social Security, a program that currently provides financial benefits to 68 million Americans according to the Social Security Administration.
WATCH BELOW: 'Start acting now, rather than putting it off to later,' Jeff Johnson tells WPTV
Concerns are currently rising about the program's ability to sustain itself long into the future, particularly as it approaches its potential insolvency in 2033. This situation raises crucial questions for current and future beneficiaries.
Jeff Johnson, the Director of AARP Florida, explained that should Congress fail to address the problem, beneficiaries would not stop receiving payments entirely, but could instead face a significant reduction in benefits—roughly 20%.
For those currently in the workforce with years or decades until retirement, Johnson noted a worrying trend: AARP's survey data shows a marked decline in confidence within this demographic regarding the program's longevity.
“Because this program is so essential, and because any changes that would strengthen the program should have time to bake in, rather than making sudden turns in policy, we'd really encourage members of Congress who are running, let's say, in the next election, who will likely still be around in 2034 when those solvency dates begin to come due to start acting now, rather than putting it off to later,” Johnson said.
The vital question remains: What actions can Congress take to avert this crisis?
Johnson said that while AARP does not promote a specific policy blueprint, lawmakers have some options. These include raising the tax rate, exploring new sources of revenue, or lifting the income cap on Social Security taxes.
The cap has been incrementally increasing each year. In 2025, any income exceeding roughly $176,000 is not subject to Social Security taxation.