By Sara Schueneman

Every year, the Social Security Trustees Report provides an important snapshot of the long-term outlook for one of America’s most popular and important initiatives. This year’s report sends a clear message: Congress needs to act.

The latest projections show Social Security’s Trust Fund reserves are expected to be depleted by 2034. That means without congressional action, Social Security will have about 80% of the money it needs to make full payments. Congress needs to act to fill the 20% gap, and they have plenty of tools in their toolbox to do it.  

Unfortunately, some special interests in Washington will seize on this report to push proposals that would cut Social Security by reducing payments, raising the retirement age or otherwise shifting the burden onto hardworking Americans. These Washington insiders are out of touch with the realities facing people who are already struggling with rising costs.

At AARP, we hear every day from older Americans across the country who are struggling to make ends meet. In fact, a recent AARP Financial Security Trends Survey found 6 in 10 Americans 50-plus worry about whether they will have enough to stay financially secure in retirement. Nearly 7 in 10 say prices are rising faster than their income, and almost half report higher health care costs than just a year ago.

At the same time, many are entering retirement without enough savings — 42% of adults 50-plus who are not yet retired have less than $50,000 set aside.

This is why Social Security remains a lifeline. It helps people cover basic needs like housing, groceries, utilities and health care. Yet even with that support, a majority of older Americans say today’s average benefit — around $2,000 a month — is not enough.

For millions of Americans — including nearly one million here in Colorado — Social Security is an essential part of their plan for financial security in retirement. It is earned through a lifetime of hard work. It’s not a bonus or a handout, and it must be protected.

The good news is Social Security isn’t going broke. This is absolutely something Congress can fix in a way that protects the money we’ve earned, without cuts. Lawmakers have time to act, and there are many ways to strengthen Social Security and close the projected funding gap.

People work their whole lives paying into Social Security. Americans have kept up their end of the bargain, and now it’s time for Congress to do the same thing.

Sara Schueneman is AARP Colorado’s state director, focusing on priority issue areas like supporting family caregivers, making the state’s communities even more livable, and empowering Coloradans 50-plus to lead healthy lives.