Despite Policy Divides Across Nation,
Americans Remain United in their Support for Social
Security
Webinar on July
23 With Review of Research and Update on Social
Security
WASHINGTON, July 23,
2024 /PRNewswire/ -- A new research brief from
the National Institute on Retirement Security (NIRS) finds
Americans want action now on a long-term funding solution for
Social Security. When asked about the timing for Congress to
act on addressing Social Security's funding shortfall, Americans
don't want leaders to kick the can down the road. Eighty-seven
percent say Congress should act now rather than waiting another ten
years to find a solution. This sentiment holds strong across
gender, age, and party affiliation.
This nationwide survey also finds that 87 percent of Americans
agree that Social Security should remain a priority for the nation
no matter the state of budget deficits, and this support holds
strong across party affiliation. Ninety percent of Democrats, 86
percent of Republicans and 88 percent of Independents support
keeping Social Security a priority. Americans also support
increasing employer and employee contributions to ensure the
long-term sustainability of Social Security.
These findings are detailed in a new issue brief from NIRS,
Americans' Views of Social Security. The findings are based
upon a national survey of working-age Americans conducted by
Greenwald Research.
Read the issue brief. This issue brief is a supplement to a
recent NIRS report, Retirement Insecurity 2024: Americans' Views
of Retirement. Read the report.
Register for a webinar on Tuesday,
July 23, 2024, at 2:00 PM ET
with a review of the report findings and an update on Social
Security featuring Tyler Bond, NIRS
research director, Jason Fichtner,
Bipartisan Policy Center chief economist and Retirement Income
Institute Alliance for Lifetime Income executive director, and
Rebecca Vallas, National Academy of
Social Insurance chief executive officer.
"As economic inequality continues to grow, Social Security has
become an increasingly vital source of retirement income for most
older Americans," said Tyler Bond,
NIRS research director and research co-author. "Nearly all retirees
receive at least some income from Social Security each month, and
for some retirees nearly 90 percent of their income in retirement
will come from Social Security. Given Social Security's central
role in the financial security of so many seniors, it's not
surprising that our research finds enormous bipartisan support for
the program."
"Despite the importance and popularity of Social Security,
federal policymakers have yet to craft a long-term Social Security
funding fix to solve the impending depletion of the trust fund. Our
research indicates that Americans overwhelming agree that
policymakers should act now to address Social Security's funding.
There indeed are pragmatic solutions to shore up Social Security's
financing, but what's lacking is bipartisan action to bolster a
program that is the main source of income for millions of retirees
and keeps our seniors out of poverty," Bond said.
The latest forecasts from the Social Security trustees estimate
that the trust fund will be depleted in 2033. At that point, Social
Security will still be able to pay benefits but benefits will be
limited to the amount covered by payroll tax revenues. This would
mean an across-the-board benefit cut of approximately 20 percent
for all current and future beneficiaries. In the coming years, this
funding challenge will force the nation into a debate and decisions
about the future of Social Security. In anticipation of this
debate, NIRS surveyed Americans on their views regarding the Social
Security program, along with specific ideas on how to reform the
program and shore up its financing. This research's key findings
are as follows:
- Americans overwhelmingly support Social Security. Some
87 percent of Americans agree that Social Security should remain a
priority for the nation no matter the state of budget deficits.
This support is strong across the board regardless of gender, age,
employer, income, or party affiliation. Americans also support
increasing employer and employee contributions to ensure the long
term sustainability of Social Security.
- Most Americans understand when they can start receiving
Social Security benefits but are less sure of their own benefit
levels. Among those who are not retired, most provided accurate
responses about when they can start claiming Social Security income
and the full retirement age. However, Americans are not clear on
their own benefits levels even though this information is readily
available from SSA.
- Americans have mixed views on adjusting Social Security
benefit levels, but most say their retirement security depends on
sustained Social Security benefit levels. When it comes to
expanding Social Security, slightly more than half of Americans (52
percent) agree with this concept. Some 47 percent disagree with
raising the retirement age, which is a benefit cut. Nearly
three-fourths of those who aren't retired indicate that a
financially secure retirement is contingent upon future benefits at
least equal to those provided to current retirees. But more than
half of those who aren't retired (53 percent) aren't confident
they'll have the same Social Security benefits as current retirees,
with women and Gen Xers the least confident.
- Americans want action now on Social Security. When asked
about when Congress should act to address Social Security's funding
shortfall, Americans don't want leaders to kick the can down the
road. Eighty-seven percent say Congress should act now rather than
waiting another ten years to find a solution. This sentiment holds
strong across gender, age, and party affiliation.
Conducted by Greenwald Research, information for this study was
collected from online interviews between October 10-25, 2023. A total of 1208 individuals
aged 25 and older completed the survey. The final data were
weighted by age, gender, and income to reflect the demographics of
Americans aged 25 and older. The sample was selected using Dynata,
an online sample provider.
The National Institute on Retirement Security is a
non-profit, non-partisan organization established to contribute to
informed policymaking by fostering a deep understanding of the
value of retirement security to employees, employers, and the
economy as a whole. Located in Washington, D.C., NIRS membership includes
financial services firms, employee benefit plans, trade
associations, and other retirement service providers. More
information is available at www.nirsonline.org.
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SOURCE National Institute on Retirement Security