Americans More Optimistic About Social Security: Gallup
In addition, 69% of Democratic retirees but only 39% of Republican ones expressed confidence that their benefits will be maintained. A slim majority of retired independents also expected to continue receiving their current benefits.
Party differences on these items have been inconsistent over time, according to Gallup. For example, the party gap in nonretirees’ belief that they will get Social Security payments is smaller this year than in 2015, when the difference was 22 percentage points, and larger than it was in 2001 and 2010, when there were essentially no party differences, and about the same as it was in 2000 and 2005.
When gaps have existed, those who identify with the party of the incumbent president have typically been more positive about the future of Social Security.
Higher Taxes vs. Benefit Cuts
Gallup noted that discussions about preserving Social Security largely center on raising payroll taxes of current workers that fund the system, curbing benefits for current and/or future recipients and possibly raising the age at which retirees can receive full benefits (currently 67 years old).
The recent poll found that while U.S. adults have typically favored raising Social Security taxes rather than curbing benefits as a means of ensuring the long-term future of the system, they are more likely to favor tax increases now than in the past.
Sixty-one percent of Americans said they would prefer the government raise Social Security taxes, while 31% would rather the government curb Social Security benefits. In surveys conducted in 2005, 2010 and 2015, the margin in favor of increased taxes was smaller than the 30-point gap that emerged in 2023, ranging from 9 to 15 points.
Fifty-nine percent of Democrats and 53% of independents prefer raising taxes to beef up Social Security, while 39% of Republicans agree. Fifty-six percent of Republicans prefer the government curb Social Security benefits for recipients, a view shared by 44% of independents and just 27% of Democrats.
Democrats today are likelier than in the past to favor increased taxes, while Republicans are now more likely to favor curbing benefits.
The poll found that nonretirees are more inclined to believe that a 401(k) plan will be a major source of income in their retirement than to say this about Social Security. For retirees, however, Social Security is the clear leader over other retirement funding sources, underscoring the importance of the system to U.S. seniors.
