The overwhelming majority of people are concerned that Social Security payments will be reduced before they reach retirement age, a poll shows.
The poll, conducted exclusively for Newsweek by Redfield & Wilton Strategies on February 10, 2024, surveyed 1,500 people and found that 92 percent of Americans are concerned that their Social Security retirement benefits will amount to less than what current seniors can claim.
When asked "to what extent, if at all, are you concerned that Social Security payments will be reduced before you retire?," 50 percent of those surveyed said they were "very concerned." The poll found that 28 percent were "fairly concerned" and that 14 percent were "slightly concerned." Only eight percent of those queried said they were "not at all concerned" about a drop in benefit amounts when they retire.
The poll also found that Americans trust the Democratic Party with Social Security more than the GOP, with 41 percent trusting the Democrats compared with 31 percent who said the Republicans—a 10-point difference.
The Social Security Agency (SSA) funds retirement, survivor, and disability benefits across America. There are two separate trust funds paid for via taxes: the Old-Age and Survivors Insurance Trust Fund (OASI) for retirees and the Disability Insurance Trust Fund (DI) for disability beneficiaries. Any money that is not spent remains in the trust funds.
According to an October 2023 report by the American Academy of Actuaries (AAA), Social Security's trust fund is expected to be depleted by approximately 2034. It would mean the biggest welfare program in the U.S. would only be capable of paying 80 percent of the benefits for 80 million recipients across the country.
The looming cliff, which is only a decade away, means the program is faced with either drastically cutting benefits or raising Social Security taxes by 25 percent—or a combination of both if Congress does not take action before then, according to the AAA.
In its report, the AAA adds Congress needs to act sooner rather than later to keep the SSA solvent. It says immediate action would reduce the need for a dramatic tax rise in 2034 and "enable phasing in tax increases and benefit reductions, which is less disruptive to employers, workers, and beneficiaries." Any changes to Social Security would require 60 votes in the Senate, therefore needing agreement from both Democrats and Republicans.
The 2022 Social Security Trustees report made similar findings to the AAA. It predicts that retirees will only receive 77 percent of their state pension in 2034 if action is not taken before then. Newsweek has contacted the SSA via email for comment.
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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Aliss Higham is a Newsweek reporter based in Glasgow, Scotland. Her focus is reporting on issues across the U.S., including ... Read more
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