As Social Security turns 90 this week, events are taking place across the state to bring awareness to the program more than 1.3 million Wisconsinites depend on.
More than one in five Wisconsinites receive Social Security benefits which contribute about $28 billion to the state's economy each year.
Jim Flaherty, communications director for AARP Wisconsin, said Social Security serves as a primary source of income for more than 500,000 Wisconsinites, helping them pay bills, rent, medications, and health care costs. Without it, he said 36% of people age 65 and older in Wisconsin would live in poverty.
"This has become one of the most successful and popular initiatives in U.S. history," Flaherty explained. "It has literally helped generations of Americans stay out of poverty and live with dignity after a lifetime of hard work and they've never missed a payment in 90 years."
The Trump administration has proposed policy changes experts said could affect the program’s solvency. AARP will host events in La Crosse, Milwaukee, and Madison this week to bring awareness to the importance of supporting Social Security for current and future generations.
Flaherty addressed concerns about Social Security's future, clarifying the program is not "going broke" as some myths suggest. He stressed the system will continue as long as people contribute. However, if Congress takes no action, benefits will be reduced by 20% by 2034 due to people living longer and more baby boomers retiring.
"There's lots of options that Congress could be looking at and we encourage them to get together now instead of waiting till it's in crisis," Flaherty urged. "Fix it so that when you do retire in 2034, you get 100% of your benefits instead of 80%."
Flaherty emphasized the importance of younger generations engaging with Social Security issues now, as they will be most affected by future changes to the program.
"Would you be upset if somebody went into your bank account and just took money out each week? Of course you would," Flaherty underscored. "You would expect that money to be repaid to you. That's Social Security. That money is guaranteed to be there for you and it is one of the legs of financial retirement that everybody needs."
He advised retirement planning should include personal savings and 401(k) plans in addition to Social Security.
