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Since she retired in the 1990s, Marty Cortez, a former teacher and school principal from Tucson, has relied on her pension, personal investments and Social Security for financial stability. Now 88, she relies on Social Security for about 35 percent of her income.
But the federal program is facing financial uncertainty, and Cortez is worried — not just about her own finances but also about other older Arizonans who rely on Social Security as their only source of income.
“I’ve had some very close friends who are entirely dependent on Social Security as their income when they retired. They struggled,” Cortez says.
With its trust fund reserves shrinking, the program may not have enough money to fully cover benefits by 2035, according to the latest projection by the Social Security Board of Trustees.
That’s why shoring up Social Security’s finances is one of two advocacy priorities for AARP Arizona as voters gear up for the November election. In addition to Social Security, the state organization is focusing on more support for family caregivers. AARP staff are meeting individually with candidates to discuss both issues.
“These are pocketbook issues that are really important to voters,” says Aaron Wodka, AARP Arizona’s associate state director of advocacy and community outreach.
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In 2022, nearly 1.5 million Arizonans received Social Security benefits — a 70 percent increase from two decades earlier, federal data shows. About 77 percent of beneficiaries in the state are retirees.
The challenge for Social Security is largely one of demographics. The last of the baby boomers are retiring, increasing program costs. Meanwhile, people are living longer than ever, and lower birth rates mean fewer workers to pay into the system.
If Congress does not act, Social Security by 2035 will be able to pay only 83 percent of benefits, according to the board of trustees report released in May.
Solutions include raising taxes or cutting benefits, says Olivia S. Mitchell, a professor of business economics and public policy at the Wharton School at the University of Pennsylvania.
Meanwhile, many Americans are needing to delay retirement and increase savings because their costs are rising — particularly medical care and taxes, Mitchell says.
AARP is committed to protecting Social Security and continues to call on Congress to ensure the program’s financial stability.
Help for caregivers
Alongside Social Security, supporting family caregivers remains a pivotal issue for AARP Arizona. In 2021, the state’s 850,000 family caregivers provided 800 million hours of unpaid care, valued at $14.5 billion, AARP research shows.
These caregivers often manage full-time jobs in addition to caring for a loved one, and they face significant financial, emotional and physical burdens. Wodka refers to this unpaid workforce as “the backbone of a very broken long-term care system.”
Nationally, AARP has endorsed the bipartisan Credit for Caring Act. Reintroduced in Congress this year, the legislation would create a nonrefundable federal tax credit of up to $5,000 to help offset caregiving-related expenses, such as home care aides, home modifications, transportation, assistive technology and respite care.
Wodka notes that a critical voting group in the upcoming election—women 50 and older—also make up the majority of the nation’s caregivers.
“It’s important to us to make sure these issues are at the forefront of races that are going to have the most scrutiny,” he says.
In August, AARP Arizona will host a virtual training session for volunteers and members on Social Security and family caregiving issues.
The state organization is also encouraging its members and the broader community to make these issues a priority when evaluating candidates this fall. Learn more at aarp.org/az. ■
Stacey Shepard, a California-based journalist, writes about health care, the environment and other issues.
More on Social Security
- Social Security Tips, Tools and Other Resources
- 7 Things to Know About Social Security and Taxes
- AARP Talks to Social Security's Chief O'Malley