Americans Agree Social Security Needs Reform - They Even Agree on How

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Aug 19, 2026, 10:00 ET

Nationwide's new survey finds bipartisan agreement on the need for Social Security reform, yet most Americans remain unprepared for potential changes to their retirement income.

COLUMBUS, Ohio, Aug. 19, 2026 /PRNewswire/ -- Despite widespread political divisions, Americans across political party lines largely agree that Social Security needs reform. According to the Nationwide Retirement Institute's 2026 Social Security Survey, 80% of U.S. adults who receive or expect to receive Social Security say the system needs to change, including 82% of Democrats and 78% of Republicans.

The agreement extends to potential solutions. The same three proposals were ranked as the most popular approaches to strengthening Social Security among both Democrats and Republicans:

Increase taxes on higher earners to increase funding: 51% overall, including 56% of Democrats and 43% of Republicans
Increase funding through taxes paid by employers: 42% overall, including 44% of Democrats and 42% of Republicans
Reduce or eliminate benefits for individuals with incomes above a certain threshold: 38% overall, including 38% of Democrats and 37% of Republicans

Americans expect action, but few are ready for it

More than three in five Americans (61%) believe the government is likely to make changes before Social Security benefits are reduced. Social Security is also becoming a major consideration at the ballot box, with 75% saying a candidate's position on reform will be a major factor in how they vote in future elections.

Yet the expectation that changes are coming has not translated into clear financial plans: just 20% know how they would adjust their finances if benefits were reduced. This might be because Americans underestimate how soon the program could face funding constraints. On average, respondents believe depletion is 17 years away – in reality, the fund is projected to run out by the fourth quarter of 2032, according to the 2026 Social Security Trustees Report.

Among Americans without a clear financial plan, 45% say an announcement of specific government changes would prompt them to act. Waiting for that certainty, however, may leave households with less time to adjust their savings, retirement date or income strategy.

"Americans may agree that Social Security needs to change, but they can't afford to wait for what those changes could mean for their own retirement before they prepare," said Kevin Jestice, president of Nationwide Retirement Solutions. "It's impossible to know how lawmakers may act, but scenario planning can give people more time and flexibility to adjust their savings, income strategy and claiming decisions."

Current beneficiaries are already making difficult tradeoffs

Future benefit reductions would compound pressures many Social Security recipients are already facing. Among current beneficiaries, 74% say they have changed their finances because rising living costs have outpaced their benefits.

The most common changes include cutting discretionary spending, such as travel or dining out (51%), reducing spending on essentials, including groceries and medications (38%), and relying more heavily on savings or retirement accounts (25%).

That financial strain, combined with widespread uncertainty about Social Security's future, is pushing some Americans to make decisions based more on fear than on a full understanding of the long-term tradeoffs. For example, 51% of Americans say they have filed or plan to file for Social Security as early as possible to ensure they receive something before the program changes or runs short of funds. In most cases, though, filing before full retirement age generally results in a permanently lower monthly benefit, which can have lasting consequences for retirement income.

Financial professionals can help prepare Americans for different outcomes

That is where informed guidance from a financial professional can make a meaningful difference. Survey respondents who work with a financial professional were nearly four times as likely to have a clear plan for reduced Social Security benefits – 39% compared with 10% of those who do not.

Americans are also looking for help with the complexities surrounding Social Security. Nearly eight in 10 (79%) are interested in learning from a financial professional about how their benefits will be taxed in retirement.

"Decisions about when to claim Social Security can affect a person's income for the rest of retirement, so they should not be driven by fear or headlines alone," Jestice said. "A financial professional can help individuals assess filing age, taxes, income sources such as their employer sponsored retirement plan savings, and possible benefit changes within the context of their broader retirement plan."

Nationwide offers a variety of resources to help. The full 2026 Survey Results can help financial professionals focus client conversations where it matters most. Additional resources to support planning conversations can be found at Nationwide.com/SimplifySocialSecurity. View an infographic on this new data or a recent blog from Kevin Jestice.

Methodology

The 2026 Social Security survey was conducted online in the U.S. by The Harris Poll on behalf of Nationwide among 1,823 adults age 18+ who currently receive or expect to receive Social Security ("national sample"), including 300 Gen Z (age 18-29), 512 Millennials (age 30-45), 511 Gen Xers (age 46-61), and 500 Boomers+ (age 62+) and an additional oversample of 60–65-year-olds (n=464) The survey was conducted May 11-June 4, 2026.

Data for the generations and 60–65-year-olds are weighted where necessary by age by gender, race/ethnicity, region, education, marital status (not included for Gen Z), household size, household income, and political affiliation to bring them in line with their actual proportions in the population. To ensure the national sample was representative, the data were initially weighted by generation (Gen Z 18-29, Millennials 30-45, Gen Xers 46-61, and Boomers+ 62+) and then combined into a total age 18+ group and 30+ group to preserve trending.

To preserve trending data for the 50+ are weighted separately where necessary by age by gender, race/ethnicity, region, education, household income, retirement status, and political affiliation to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data for 60-65 is accurate to within ± 6.11 percentage points, the sample data for 50+ is accurate to within ± 4.32 percentage points, the sample data for 18+ is accurate to within ± 2.34 percentage points, the sample data for 30+ is accurate to within ± 2.56 percentage points all using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building a twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow the firm on Facebook and Twitter.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.

This information is general in nature and is not intended to be tax, legal, accounting, or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency.

Nationwide and The Harris Poll are separate and non-affiliated companies.

Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.

NFM-25709AO (8.26)

Contact:
Charley Gillespie
(614) 249-6349
[email protected]

SOURCE Nationwide