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There’s a reason why Social security It’s called “the third rail of American politics,” as in “touch it and die.” Most Americans – especially older people – are fiercely protective when it comes to their retirement benefits.
That feeling is reflected in a Quinnipiac University National Poll of adults that found that 78% of respondents oppose proposals that would increase the full retirement age for Social Security benefits from 67 to 70. Opposition remained strong even when respondents were asked if they would support raising the retirement age. full retirement age if it meant that the benefits would last longer, with 30% in favor and 62% against the measure.
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The state of social security
While the system is not in danger of bankruptcy, the trustees who oversee Social Security and Medicare have reported that the trust fund surplus used to pay a portion of benefits It will run out sometime in 2034. Once the surplus runs out, the payroll taxes that support Social Security would continue to generate revenue for benefit payments, but those collections would be about 20% less than the total amount needed. At that point, Congress would have to find other revenue or adjust benefit rules and payroll tax schedules.
Survey reveals deep anxiety
The amount of anxiety surrounding financial security during retirement was reflected throughout the Quinnipiac survey.
For example, the top personal financial concern for respondents ages 50 to 64 was saving for retirement, and 25% said it was their biggest concern. That was also the top concern for respondents ages 65 and older, with 26% saying they were eager to save enough for retirement.
“When it comes to the golden years, young, old and middle-aged Americans share the same concern,” said Osman Kilic, a professor of finance and business at Quinnipiac. “There is a cloud of doubt about the quality of life they will have when they retire, especially among those between 35 and 64 years old.”
The poll polled nearly 1,800 adults across the political spectrum. While 29% of respondents identified as Democrats, 27% were Republicans. Another 29% said they were independent while the remaining 15% of participants said they belonged to another political party or simply did not know it.
Among all respondents, 22% reported that inflation, higher interest rates and other elements of the current economy have caused them to reconsider when they will be able to retire. Among respondents ages 50 to 64, 32% said they have already delayed their retirement plan.
