Almost all Americans are relying on Congress to raise a long-term funding solution for Social Security, finds research today from the National Institute on Retirement Security (NIRS).
The data, which fielded responses from 1,208 individuals ages 25 or older, found that 87% of respondents say Congress should prioritize funding Social Security benefits now instead of waiting a decade until its predicted insolvency.
This urgency was strong across all party lines, with 90% of Democrats, 86% of Republicans and 88% of Independents all supporting prioritizing Social Security. Respondents also supported increasing employer and employee contributions to safeguard Social Security’s sustainability.
NIRS also found that American women and men both agree that Social Security should remain a priority for Congress (87% vs. 87%), as well as respondents across all generations, income levels and among those who work in the U.S. public and private sectors.
Most Americans were also in agreement for the government to increase the amount that workers and employers contribute to Social Security.
With a potential second debate in tow, and this one with a new Democratic presidential nominee in Vice President Kamala Harris, Americans are eager to see how the next administration will resolve Social Security’s insolvency. NIRS finds that nearly all respondents surveyed (90%) believe it is “important for the upcoming administration and Congress to solve the Social Security financial shortfall.”
“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. “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.”
NIRS research highlights a disconnect between Americans’ understanding of Social Security benefits. For example, while the data notes that 69% of Americans know that ages 60 to 64 is the early claiming age, and 67% know that ages 65 to 69 is the full retirement age, only 11% understand the amount they’ll receive in Social Security benefits. Moreover, only 13% who aren’t retired understand the effect of taking Social Security benefits early.
Across generations, Millennials were the least likely to grasp the impacts of taking Social Security benefits early (27% who understand), followed by Gen Xers (32%), Baby Boomers (58%), and those 65 years and older (76%).
Among women and men, 41% of males who are not retired had a better idea of what their Social Security benefits will look like compared to women (26%).
Americans have ‘mixed views’ on changing levels
Respondents to NIRS’ research were split on whether Congress should tweak the full retirement age for Social Security benefits, with 52% agreeing with the concept. On the other hand, 47% disagreed with raising the retirement age.
According to the report, 72% those who are not retired note that a financially secure retirement is “contingent upon future benefits at least equal to those provided to current retirees,” yet over half (53%) of those who haven’t retired are not sure they’ll have the same benefits as today’s retirees. Nearly one third of women (28%) and Gen Xers (31%) believe the same.