More
than
three-quarters
of
U.S.
adults
believe
that
the

Social
Security
program
—
which
provides
monthly
benefit
payments
to
Americans
starting
as
early
as
age
62
—
needs
an
“overhaul,”
as
it
continues
to
face

challenges
to
its
solvency
with
no
sign
of
political
will
or
compromise
to
address
it.

This
is
according
to
the
11th
edition
of
the


Nationwide
Retirement
Institute’s
annual
Social
Security
survey
that
was

released
this
month.

Seventy-nine
percent
of
all
respondents
agreed
with
the
statement
that
“the
Social
Security
program
needs
to
change,”
with
49%
of
respondents
“strongly”
agreeing
and
30%
of
respondents
“somewhat”
agreeing.

The
survey
also
found
stronger
overall
feelings
on
this
statement
from

Generation
X
and

millennial
respondents,
with
these
generations
being
more
likely
to
strongly
agree
with
the
statement
compared
to

baby
boomers.

Nearly
three-quarters
of
all
respondents
(72%)
also
largely
agreed
with
the
statement
that
“I
worry
about
the
Social
Security
program
running
out
of
funding
in
my
lifetime.”
The
breakout
between
“strongly”
and
“somewhat”
agreeing
was
34%
and
38%,
respectively.

“Women
are
more
likely
than
men
to
agree
they
worry
about
Social
Security
program
running
out
of
funding
in
their
lifetime,”
the
survey
found,
with
women
and
men
agreeing
at
rates
of
75%
and
69%,
respectively.

But
only
23%
of
all
respondents
agreed
with
the
statement
that
“I
will
not
get
a
dime
of
the
Social
Security
benefits
I
have
earned,”
indicating
that
respondents
believe
the
program
will
continue
despite
its
fiscal
challenges.
But
the
generational
divide
on
this
statement
was
just
as
stark.

“Gen
Z,
Millennials
and
Gen
Xers
are
more
likely
than
those
age
60-65
to
agree
that
they
will
not
get
a
dime
of
the
Social
Security
benefits
they
have
earned,”
the
survey
said.
The
data
showed
that
only
14%
of
baby
boomers
agreed
with
this
statement,
compared
with
41%
of
Gen
Zers,
36%
of
millennials
and
26%
of
Gen
Xers.

In
terms
of
how
to
solve
the
program’s
challenges,
47%
of
respondents
stated
that
raising
taxes
on
higher
earners
to
increase
the
program’s
funding
was
the
most
direct
path
to
stabilizing
the
program.
Forty
percent
of
respondents
want
to
see
a
reduction
in
the
taxation
of
the
benefits
themselves,
while
34%
think
employers
should
bear
a
higher
tax
burden
to
fund
the
program
more
fully.

According
to
another
recent
survey,
Social
Security
benefits
in
2024

have
lost
20%
of
their
buying
power
compared
to
2010.

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