Americans overwhelmingly want action now on a long-term funding solution for Social Security, according to a research brief by the National Institute on Retirement Security.
The study was conducted by Greenwald Research via online interviews between Oct. 10 and Oct. 25.
“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 10 years to find a solution,” according to NIRS. “This sentiment holds strong across gender, age and party affiliation.”
Those 87% of respondents indicated a belief that Social Security funding should be a priority in federal budgeting irrespective of deficits. They said they are not opposed to increasing worker and employee contributions to keep the program solvent.
“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 overwhelmingly agree that policymakers should act now to address Social Security’s funding,” stated Tyler Bond, NIRS research director and research co-author.
“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 added.
A potential reduction in Social Security benefits has been delayed from 2034 to 2035, Social Security Commissioner Martin O’Malley said in May.
Once funds are depleted, NIRS said, “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% for all current and future beneficiaries.”
