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Americans remain sharply divided on how to prevent Social Security from running short of money as the program’s projected 2032 funding deadline approaches, according to a new Ronald Reagan Institute survey reviewed by FOX Business.
The poll found broad opposition to many proposed Social Security reforms, including higher payroll taxes, benefit reductions and raising the retirement age.
About 90% of respondents opposed cutting Social Security benefits broadly, while 80% opposed increasing payroll taxes on workers and employers. Borrowing more money to support the program also faced resistance, with 76% opposed.
However, voters were far more supportive of reducing benefits for wealthier retirees.
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When respondents were asked to choose between raising taxes, reducing benefits for all retirees or cutting benefits for retirees with more than $1 million in net worth, 71% supported reducing benefits for wealthier retirees. Only 20% supported higher taxes and 9% backed broad benefit cuts.
The survey also showed limited support for raising the retirement age. Just 26% favored the idea, while 74% opposed it.
According to the latest Social Security Trustees Report, the program’s main trust fund is projected to face depletion around 2032 to 2033. If Congress takes no action, incoming payroll taxes would cover only about 75% to 80% of scheduled benefits under current projections.
Retirement Anxiety Builds
The findings arrive as Americans grow increasingly dependent on Social Security income.
A recent Gallup survey found a record 62% of retired Americans now rely on Social Security as a major source of income. At the same time, 69% of nonretirees said they were moderately or very worried about not having enough money in retirement.
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Earlier Senate Budget Committee discussions also highlighted growing concern around the program’s long-term funding gap. Sen. Bill Cassidy (R-La.) previously warned that failing to address Social Security’s finances could eventually trigger automatic benefit cuts of up to 28%.
Economist Justin Wolfers has argued the problem is largely demographic rather than political. Social Security operates mostly as a pay-as-you-go system, where payroll taxes from current workers help fund benefits for current retirees. As birth rates decline and Americans live longer, fewer workers are supporting a growing number of retirees, increasing long-term pressure on the program.
The Reagan Institute survey found many Americans still misunderstand how Social Security is funded. Dan Rothschild, director of the Center for Civics, Education and Opportunity at the Reagan Institute, told FOX Business many respondents viewed Social Security and Medicare as trust funds that had been “raided,” rather than pay-as-you-go systems funded largely through current worker contributions.
Image via Shutterstock
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