As Social Security approaches its 90th anniversary, two new surveys reveal a striking mix of confusion, concern, and enduring reliance among Americans—trends that financial advisors and planners may find especially relevant as they guide clients through retirement planning.
The Cato Institute’s August 2025 Social Security Survey, conducted with Morning Consult, found that a significant portion of Americans remain unclear about the program’s basic mechanics.
More than half of respondents in the Cato survey did not know how Social Security is funded, and nearly one in four mistakenly believe their payroll taxes are saved in a personal account for their own retirement. Another third said they simply do not know how the program is financed. This knowledge gap persists even as Social Security remains a central pillar of retirement security for millions.
A parallel AARP survey released in July underscores the program’s enduring popularity, with 96% of respondents calling Social Security an important program and nearly three-quarters rating it as one of the most important.
However, confidence in the program’s future is waning. Only 36% of Americans said they felt very or somewhat confident about Social Security’s future, a seven-point drop from 2020. Younger adults are especially skeptical, with only about a quarter of those ages 25 to 44 expressing confidence, compared to 59% of those 65 or older .
The Cato survey also highlights widespread pessimism about future benefits. Seventy-nine percent of nonretired adults do not believe they will receive their full scheduled Social Security benefits, and 13% expect to receive nothing at all.
The looming funding shortfall – projected to trigger a roughly 25% cut in benefits by 2033 if Congress does not act– has not gone unnoticed. About three in four adults have heard about the potential shortfall, and most are divided on how to address it, with 37% favoring tax increases, 28% supporting benefit cuts, and 35% suggesting Congress should borrow the money .
Despite these concerns, Social Security’s role as a retirement lifeline is only growing. According to AARP, nearly two-thirds of Americans rely substantially on Social Security for income or expect to do so in retirement, and another 21% say they will rely on it somewhat.
“Increasingly, Social Security has become a key ingredient to a dignified retirement, regardless of income,” said Dr. Myechia Minter-Jordan, AARP’s CEO .
Both surveys reveal broad, bipartisan support for Social Security, but also a lack of consensus on how to ensure its long-term solvency.
Notably, the Cato poll found that Americans are open to significant reforms, including a flat monthly benefit for all retirees, especially if framed as a way to avoid tax hikes or benefit cuts. Younger Americans, in particular, show greater willingness to consider changes to the program’s structure.
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