18 July 2023
Social Security, often referred to as the “third rail of American politics,” is a fiercely protected program, especially by seniors who rely on it for their retirement benefits. According to a national poll conducted by Quinnipiac University, an overwhelming 78% of respondents oppose proposals to raise the full retirement age for Social Security benefits from 67 to 70. This opposition remains strong even when considering the possibility of longer-lasting benefits, with only 30% in favor and 62% against the idea.
While Social Security is not currently facing imminent bankruptcy, the trustees overseeing the program have projected that the surplus in the trust fund, which helps fund benefit payments, will be depleted by 2034. After the surplus is exhausted, payroll taxes will still generate revenue, but it would fall approximately 20% short of the total amount needed for benefit payments. At that point, Congress would need to find alternative sources of revenue or make adjustments to benefit rules and payroll tax schedules.
The Quinnipiac poll also revealed widespread anxiety about financial security in retirement. Saving for retirement emerged as the top personal financial concern for respondents aged 50 to 64, with 25% expressing worry about it. Similarly, 26% of respondents aged 65 and older expressed anxiety about saving enough for retirement. This shared concern about retirement highlights the cloud of doubt hanging over the quality of life Americans anticipate during their golden years, particularly among those between 35 and 64 years of age.
Overall, the poll underscores the deep attachment to Social Security benefits and the pervasive unease surrounding retirement financial security among Americans of different age groups.