In the shadow of political debate and fiscal concerns, a startling number of Americans of all ages are losing faith in Social Security’s ability to support them in retirement, a new Redfield & Wilton Strategies survey for Newsweek found.
The survey, which asked respondents if they believe Social Security will be able to support them in retirement, showed that of those age 55 and above, about one-fifth are skeptical about its reliability for their golden years. Some 23 percent of those age 55-64 and 19 percent of those already at retirement age (65+) expressed doubts about the program.
“Anxiety is running high about the estimated depletion of the Social Security Trust Funds in the early 2030s,” Catherine Collinson, CEO and president of the Transamerica Center for Retirement Studies, told Newsweek. “Most of today’s workers are counting on it as a source of retirement income. Many workers, especially those with lower incomes, are expecting to primarily rely on it in retirement.”
The survey also indicated concern about Social Security among younger adults, with about 21 percent of those in their 40s expressing doubt it will support them, although 21 percent said they were optimistic it would be adequate. The percentage of those in their 20s and 30s saying the program may not provide enough for them dropped somewhat to 17 percent and 15 percent, respectively.
Optimism about the program increased among younger workers. Notably, 22 percent of adults in their 30s strongly agreed that Social Security will support them, contrasting with 14 percent among those in their 40s and 50s, and 16 percent of those in their 60s.
The survey, which was run on January 18, came at the same time the Fiscal Commission Act of 2023 was advanced by the House Budget Committee. Critics fear that the act, aimed at addressing the more than $34 trillion national debt, could potentially lead to cuts in Social Security, escalating tensions over the future of the program.
“Republicans in Congress know their plans to gut Americans’ Social Security and Medicare benefits are deeply unpopular, so they are resorting to schemes that short-circuit the legislative process,” Senate Finance Committee Chair Ron Wyden, an Oregon Democrat, said in a statement Thursday criticizing the bill.
The survey, conducted online with 1,500 eligible voters across the U.S., provided Newsweek with a comprehensive picture of national sentiment. Data was weighted by various demographic factors, including age, gender, region and education level, to accurately reflect the profile of American adults.
As the debate over Social Security’s future intensifies, the survey points to growing unease among older Americans about their financial security in retirement. That and the significant levels of concern among younger and middle-aged workers may give policy makers a strong reason to target the issue, and ensure the stability of the program for future generations.
