What Americans Think of Social Security on the Program's 90th Anniversary

Key Points

• New polling shows that Americans are deeply invested in the success of Social Security.

• Democrats and Republicans both agree on the need for bipartisan cooperation.

• 67% of those polled want Congress to take action sooner rather than later.

• The $23,760 Social Security bonus most retirees completely overlook ›

Surveys may be little more than a snapshot in time, but they can provide an interesting peek into the minds of fellow Americans. This year, as Social Security turns 90, the Bipartisan Policy Center's (BPC) American Savings Education Council polled Americans on how they feel about the current state of the program. Here's what they learned.

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The big issues

Whether they're just beginning to plan for retirement or have been chipping away at it for years, Americans value Social Security. The following represents their concerns, anxieties, and hopes.

Value of Social Security

• 93% of Americans surveyed consider Social Security a valuable federal program. In fact, it was rated higher than any other program respondents were asked about.
• 83% of those asked believe addressing Social Security's challenges should be a top priority for the current Congress.

According to Jonathan Burks, Executive Vice President of Economic and Health Policy for the BPC: "Americans across the political spectrum agree strongly that Social Security matters, and they want to see bipartisan work to strengthen the program for the future. Now it is up to lawmakers to build on this consensus and do the hard work of forging a path forward."

Social Security anxiety

• 74% of the public is concerned that Social Security will run out before they retire, and they won't have access to the program they have spent decades paying into.
• 80% of those surveyed are worried that Congress will cut their benefits, particularly because 41% of Americans expect Social Security to be their primary source of income in retirement.

Bipartisan support for a solution

• 64% of Democrats and 61% of Republicans agree that strengthening Social Security will take bipartisan cooperation.

Losing patience

• As the clock winds down on the Social Security trust fund, 67% of those polled say they want Congress to take action soon rather than wait until the situation worsens.
• 20% of respondents say they want a bipartisan commission created to come up with a comprehensive plan, and they want Congress to approve that plan

Financial realities of aging

• 71% of those surveyed claimed to be worried about whether they'll have enough saved to retire comfortably.
• 67% are concerned about whether they'll outlive their savings.
• 74% fear they won't be able to cover their medical bills as they age.
• 68% of 18- to 44-year-olds worry about finding the money to care for elderly relatives.

The current reality

If Congress doesn't take steps to shore up the Social Security program, it's expected that the Social Security trust fund will run dry in 2033. At that time, the Social Security Administration would begin across-the-board cuts of 23%. For example, a Social Security recipient with a monthly benefit of $2,000 would see their checks reduced to $1,540.

While it's impossible to see the future, here are some of the expected consequences of cuts to Social Security:

• Increased poverty rates: Given the number of retirees who count on Social Security to pay all or the majority of their living expenses, reductions in benefits are likely to lead to an increase in Americans living in poverty. Even for those retirees who did everything they could to maximize their benefits, cutting funds they earned and have come to count on could be devastating.
• Political consequences: No politician wants to be the one responsible for raising taxes or asking people to work longer. That's natural. However, failure to adequately address the Social Security issue could leave anxious Americans less happy with their elected representatives.
• Economic impact: Lower benefits are likely to cause consumers to pull back on spending. This move could have a broader impact on the overall economy as retirees have historically spent their benefits on essential goods and services.
• Greater pressure on other programs: Smaller Social Security benefit checks mean more people turning to the different government programs to survive. However, recent cuts to programs like the Supplemental Nutrition Assistance Program (SNAP) and Meals on Wheels could make it more difficult for seniors to receive the assistance they need.

"The only way we get a fix is if the two parties hold hands and jump together," Shai Akabas, Vice President of Economic Policy at BPC, said in the report. "These results show that the American people understand and support that outcome. It's time for our elected leaders to follow suit."

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