More than three-quarters of U.S. adults believe that the Social Security program — which provides monthly benefit payments to Americans starting as early as age 62 — needs an “overhaul,” as it continues to face challenges to its solvency with no sign of political will or compromise to address it.
This is according to the 11th edition of the Nationwide Retirement Institute’s annual Social Security survey that was released this month.
Seventy-nine percent of all respondents agreed with the statement that “the Social Security program needs to change,” with 49% of respondents “strongly” agreeing and 30% of respondents “somewhat” agreeing.
The survey also found stronger overall feelings on this statement from Generation X and millennial respondents, with these generations being more likely to strongly agree with the statement compared to baby boomers.
Nearly three-quarters of all respondents (72%) also largely agreed with the statement that “I worry about the Social Security program running out of funding in my lifetime.” The breakout between “strongly” and “somewhat” agreeing was 34% and 38%, respectively.
“Women are more likely than men to agree they worry about Social Security program running out of funding in their lifetime,” the survey found, with women and men agreeing at rates of 75% and 69%, respectively.
But only 23% of all respondents agreed with the statement that “I will not get a dime of the Social Security benefits I have earned,” indicating that respondents believe the program will continue despite its fiscal challenges. But the generational divide on this statement was just as stark.
“Gen Z, Millennials and Gen Xers are more likely than those age 60-65 to agree that they will not get a dime of the Social Security benefits they have earned,” the survey said. The data showed that only 14% of baby boomers agreed with this statement, compared with 41% of Gen Zers, 36% of millennials and 26% of Gen Xers.
In terms of how to solve the program’s challenges, 47% of respondents stated that raising taxes on higher earners to increase the program’s funding was the most direct path to stabilizing the program. Forty percent of respondents want to see a reduction in the taxation of the benefits themselves, while 34% think employers should bear a higher tax burden to fund the program more fully.
According to another recent survey, Social Security benefits in 2024 have lost 20% of their buying power compared to 2010.
