New Public Survey Lays Out a Bipartisan Roadmap for Social Security’s Future

Washington, DC — Today, the National Academy of Social Insurance, AARP, the National Institute on Retirement Security, and the U.S. Chamber of Commerce released new survey findings on Americans’ views on Social Security.

Unlike most public opinion research on Social Security, which asks about each policy option individually, the survey, conducted in partnership with Greenwald Research, features a unique trade-off analysis that allows it to capture the full picture of Americans’ views on how lawmakers should address the program’s long-term financing gap.

Key findings include:

• Americans are united in support of Social Security. Across party lines, generations, income, and education, Americans value Social Security and see it as the cornerstone of retirement security. Just four percent of Americans say it will not be important to their income in retirement.
• Rather than closing Social Security’s financing gap through benefit reductions, Americans strongly prefer bringing more revenue into the system. Eighty-five percent say we should ensure benefits are not reduced, even if it means raising taxes on some or all Americans. The most strongly preferred of all options tested is eliminating the cap on payroll tax contributions for those earning more than $400,000 per year. Additionally, Americans across all groups, including a majority of Republicans, say they are willing to pay more themselves by gradually increasing the payroll tax rate to strengthen the program’s finances.
• Americans are broadly opposed to benefit reductions. Given a broad set of options to address Social Security’s financing gap, respondents reject benefit reductions such as further increases to the retirement age or switching to a slower cost-of-living adjustment.

• Americans want to strengthen Social Security benefits. They support several targeted improvements including adding a caregiver credit for workers who take time out of the workforce to care for young children and a “bridge benefit” to protect from the early claiming reduction of those in physically demanding jobs who may be unable to continue working up to full retirement age.

• Americans need and value Social Security’s disability benefits. Ninety percent of Americans say that they will need Social Security’s disability benefits if they become disabled and unable to support themselves through work, and only four percent support cutting disability benefits. The survey also finds strong bipartisan support for updating outdated rules in Supplemental Security Income, including its $2,000 asset limit.

“At a time when our country is deeply divided, Social Security remains a powerful unifying force,” said Rebecca Vallas, Chief Executive Officer of the National Academy of Social Insurance. “This survey shows there is strong bipartisan agreement on how the American people want to secure the program’s future, and we urge policymakers to listen.”

“It is rare in today’s political climate to see people unite around anything,” said AARP Chief Public Policy Officer Deb Whitman, “but virtually all Americans want their Social Security benefits to be preserved and are willing to do what it takes to ensure the program continues to provide meaningful support for future generations.”

“Social Security is the foundation of retirement security in the United States. This report clearly indicates both the important role that Social Security plays as a source of retirement income for older Americans as well as the priority the American people place on resolving the financing gap so that benefits are not cut indiscriminately,” said Tyler Bond, Research Director at the National Institute on Retirement Security. “This research continues a long history of finding strong support for Social Security among the public.”

“These survey results show that Americans value Social Security and their private sector retirement benefits because they were unwilling to cut those benefits to finance Social Security,” said Chantel Sheaks, Vice President of Retirement Policy at the U.S. Chamber of Commerce. “Americans think of these together, and policymakers should as well.”

Download the full report.