87 Percent of Americans Want Action Now to Address Social Security Funding Shortfall, New National Institute on Retirement Security Research Finds

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.

SOURCE National Institute on Retirement Security