Key facts
- 78% of Americans oppose raising the full retirement age for Social Security.
- 62% of Americans oppose raising the retirement age even if it means benefits last longer.
- Social Security trust fund surplus projected to run out in 2034.
- After 2034, Social Security payroll taxes are expected to cover only 80% of benefit payments.
- Saving for retirement is the top financial concern for those aged 50-64 and 65+.
- 22% of respondents are reconsidering retirement timing due to economic conditions.
A significant majority of Americans, nearly 80%, oppose proposals to raise the full retirement age for Social Security benefits, according to a Quinnipiac University national poll. The sentiment remained strong even when presented with the possibility that such a change could extend the longevity of the benefits.
The poll of nearly 1,800 adults found that 78% are against raising the retirement age, with 62% opposing it even if it meant benefits would last longer. This reflects a deep-seated anxiety about financial security in retirement, which was identified as the top personal financial concern for respondents aged 50 and older.
While the Social Security system is not facing bankruptcy, its trustees have reported that the trust fund's surplus is expected to be depleted by 2034. Following this depletion, projected revenue from payroll taxes would only cover about 80% of the necessary benefit payments, necessitating adjustments by Congress.
In response to these projections, Senators Angus King and Bill Cassidy have been developing a proposal that includes increasing the full retirement age. The Quinnipiac poll also highlighted broader economic anxieties, with 22% of respondents reconsidering their retirement timeline due to inflation and higher interest rates. Furthermore, over half of those surveyed found it difficult to cover a $1,000 unexpected expense, and 42% reported a decrease in their savings over the past year.