The group said the system’s surplus will fall short by about 20% in less than a decade.
Scott Wegenast, associate state director for AARP Kentucky, said the latest projections should be a wake-up call for lawmakers.
“If Congress doesn't act, Social Security will have about 80% of the money it needs to make full payments that you've already paid in for,” Wegenast explained. “Congress needs to act to fill this 20% gap before 2034.”
According to the National Institute on Retirement Security, more than 1 million Kentuckians received about $20 billion in Social Security benefits in 2023. Most people received about $1,700 per month. The state’s average monthly disability benefit was about $1,300. Nearly 50% of Kentuckians over age 65 would be living in poverty without monthly Social Security payments.
Wegenast pointed out that Social Security payments circulate back into local economies, especially in rural counties with older populations.
“The total amount of economic energy that Social Security brings, $21 billion are pumped into the Kentucky economy every year from Social Security,” Wegenast reported.
According to an analysis by the Committee for a Responsible Budget, a typical couple retiring in 2033 would face a reduction of more than $1,800 in benefits under current projections.
