Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: AARP survey of 1,441 U.S. adults conducted July 14–27, 2020 a ±3.4% margin of error at the 95% confidence level; Chart: Naema Ahmed/Axios

Younger Americans are increasingly concerned that Social Security won't be enough to wholly fall back on once they retire, according to a survey conducted by AARP — in honor of today's 85th anniversary of the program — given first to Axios.

Why it matters: Young people's concerns about financial insecurity once they're on a restricted income are rising — and that generation is worried the program, which currently pays out to 65 million beneficiaries, won't be enough to sustain them.

Details: Of the respondents who said they weren't confident in the future of the Social Security system, "money running out" of the fund and "not trusting the government to keep its promises" were cited as the top reasons for worry.

  • By the numbers: 72% of respondents told AARP they did not think Social Security checks would be enough to get by on, a worry that was most pronounced among those aged 30-49.

Yes, but: A separate finding from retirement trade group LIMRA says younger non-retired workers don't expect to rely on Social Security as their main source of income. Instead, the group is betting they live longer — and thus have increased health costs and other living expenses — and will require a bigger nest egg than previous generations.

  • Per LIMRA, Americans aged 40-54 say they expect just 20% of their income to come from Social Security. Compare that with the 53% of retirees today who say Social Security is their primary source of income.

The state of play: Trump's executive action on payroll tax deferral — and recent comments that opened the door to his support of a permanent payroll tax cut — stoked concerns that the funding stream for Social Security could be in jeopardy. (Since 2016, Trump has promised he wouldn't touch Social Security).

  • Industry leaders, including AARP's CEO, are calling on Trump to spell out a replacement source of funding for the program.
  • The system has already been hit as payroll tax receipts are walloped from the coronavirus recession that's caused tens of millions of Americans to lose work. Jobless workers don't pay payroll taxes — and the employer no longer has to pay in for those workers' share.
  • One model by the University of Pennsylvania estimates the Social Security retirement fund could run dry in 2032 in a worst-case scenario — a timeline that's accelerated from the previous projection of 2036 since the pandemic hit.

The intrigue: The AARP survey found that respondents' plans to rely on Social Security are nearly identical across party lines.

  • A majority of respondents of all political stripes were concerned that their retirement savings could be wiped out at any time by a major health care expense or recession (which we are in now).

Go deeper

Ina Fried, author of Login
Nov 18, 2020 - Technology

Microsoft adding security chip to Windows machines

Illustration: Aïda Amer/Axios

Microsoft said Tuesday it is working with chipmakers AMD, Intel and Qualcomm to bring a new security processor to Windows machines. Dubbed Pluton, the security chip is based on work done for the Xbox One and designed to bring an added layer of security.

Why it matters: A number of difficult-to-patch chip flaws in recent years have left computers vulnerable to attack. It also comes as many of the biggest tech companies, including Apple, Google, Microsoft and Amazon, are increasingly designing their own silicon to augment traditional processors.

Woman who allegedly stole laptop from Pelosi's office to sell to Russia is arrested

Photo: FBI

A woman accused of breaching the Capitol and planning to sell to Russia a laptop or hard drive she allegedly stole from Speaker Nancy Pelosi's office was arrested in Pennsylvania's Middle District Monday, the Department of Justice said.

Driving the news: Riley June Williams, 22, is charged with illegally entering the Capitol as well as violent entry and disorderly conduct. She has not been charged over the laptop allegation and the case remains under investigation, per the DOJ.

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.