Older Americans are facing growing financial pressure and increasingly relying on Social Security, prompting AARP to urge Congress to strengthen the program ahead of a key funding deadline.

New research from AARP found that 37% of Americans age 50 and older feel financially insecure, while 60% worry about having enough money to last through retirement.

Among those not yet retired, 42% reported having less than $50,000 in retirement savings. AARP said 61% of older Americans believe the average Social Security benefit of roughly $2,000 per month is not enough, while 69% said prices are rising faster than their income.

“With prices rising for everyday essentials like groceries, housing, utilities and health care, current and future retirees are counting on Social Security now more than ever,” said Nancy LeaMond, AARP’s Executive Vice President and Chief Advocacy & Engagement Officer.

She added that Social Security remains “the critical foundation of retirement security” and “must be strengthened and protected.”

Social Security Funding Concerns

The warning comes ahead of the release of the annual Social Security trustees report.

Speaking during a Thursday press call, LeaMond said AARP expects the report to reinforce concerns that Social Security may only have enough funding to pay about 80% of scheduled benefits within the next eight years if lawmakers fail to act, according to reporting by The Hill.

AARP officials stressed that the projected shortfall does not mean Social Security is going bankrupt. Richard Johnson, vice president of financial security at the AARP Public Policy Institute, said the program would continue receiving payroll tax revenue from workers and employers even after the trust fund’s projected depletion date.

The most recent trustees’ projections indicated the Old-Age and Survivors Insurance Trust Fund would be able to pay full scheduled benefits through 2033, after which incoming revenue would cover roughly 77% of scheduled benefits.

AARP officials also urged lawmakers to strengthen retirement preparedness more broadly. LeaMond pointed to expanding workplace retirement savings options, while the organization reiterated its opposition to raising the retirement age, reducing cost-of-living adjustments, or privatizing Social Security.

Retirement Pressure Builds

The push comes as financial pressure continues to build for many older Americans. AARP’s latest survey found that 52% of older adults reported higher healthcare costs than a year ago, while financially insecure individuals were significantly more likely to experience unexpected financial shocks and carry credit card balances.

Recent surveys have also shown more retirees returning to work to help cover living expenses. Earlier this year, AARP found that 7% of retirees had re-entered the workforce during the previous six months, with nearly half citing financial necessity.

Pressure has also emerged across retirement savings accounts. Industry data showed hardship withdrawals from 401(k) plans increased in 2025 as more workers tapped long-term savings to cover medical expenses, debt obligations and other financial emergencies.

The debate over Social Security reform remains politically challenging. Recent polling found broad opposition to raising payroll taxes, increasing the retirement age and across-the-board benefit cuts, even as lawmakers face mounting pressure to address the program’s long-term funding outlook.

Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.

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