Americans are urging Congress and the president to address Social Security’s funding shortfalls, despite a lack of clear strategy from general election candidates.
A report from the Transamerica Center for Retirement Studies, “American Voices: Public Policy Priorities for Retirement Security,” found that 62% of 10,000 respondents surveyed listed addressing Social Security’s funding shortfalls as their retirement security priority for policymakers.
This was especially true for retirees, as 82% said they hope policymakers will tackle the insolvency. Middle-class workers were also likely to urge Congress in prioritizing Social Security, with 66% of those earning between $100,000 to $199,000 and 64% of workers making $50,000 to $99,000 wanting to hear from policymakers.
“With the disappearance of traditional pensions and strains on safety nets such as Social Security and Medicare, Americans are expected to self-fund a greater portion of their retirement income compared with prior generations. But many are facing headwinds and are not equipped to take on this added responsibility,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS. “Millions of Americans are at risk of not achieving a financially secure retirement – and they need support from policymakers.”
Other priorities listed in the Transamerica research include addressing Medicare’s funding shortfalls (51%), making out-of-pocket health care expenses and prescription drugs more affordable (49%), ensuring all workers can save for retirement in the workplace (44%), increasing access to affordable housing (40%), innovating more affordable solutions for long-term care (38%), implementing financial literacy curriculum in schools (38%), supporting family caregivers (36%), providing and/or subsidizing additional broadband access (28%), and creating incentives for continuing education (26%).
Americans have been calling on Congress and general election candidates to address Social Security’s funding gaps in the latest months, as threats of a looming insolvency in 2033 concern workers and near-retirees. Research from the National Institute on Retirement Security (NIRS) in July found that 87% of 1,208 individuals surveyed urged Congress to prioritize funding Social Security benefits now. Furthermore, nearly all respondents surveyed (90%) to the NIRS survey said it is “important for the upcoming administration and Congress to solve the Social Security financial shortfall.”
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