As the presidential election draws closer, a look into possible Social Security policies from a Harris-Walz or Trump-Vance administration
Social Security is proving to be a strong influence for voters when considering who to place on their ballot this coming November.
Recent polls and studies have shown that Americans are increasingly paying attention to Social Security and its potential insolvency. The 2024 Social Security Trustees Report in May estimated that Social Security would face depletion in 2033, with 79% of scheduled benefits being payable at that point.
As a result, voters are being mindful of which candidate could best shore up future funding, in order to continue receiving the maximum benefit.
Research from the National Institute on Retirement Security (NIRS) in July found that 90% of respondents to its survey want the upcoming administration and Congress to solve Social Security’s insolvency. This urgency was strong across all party lines, NIRS reported, with 90% of Democrats, 86% of Republicans, and 88% of Independents all supporting prioritizing Social Security.
In its annual Social Security survey, Nationwide Retirement Solutions found that 72% of adults are concerned the system could exhaust its funding, and even 23% believed they would never “see a dime” from Social Security.
Consequently, many respondents to Nationwide’s survey called for reforms in the upcoming general election, with 69% adding that a candidate’s stance on the topic would impact who they end up voting for. Others proposed key changes like raising the minimum eligibility age from 62 to 64 for future retirees ages 50 or under (66%) or increasing the full retirement age (FRA) from 67 to 69 for this group (51%).
“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, at the time. “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.”
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