Ninety-one years since its founding, Social Security is mostly found by U.S. adults to be fundamental to retirees’ ability to afford basic living expenses in retirement.
A new AARP survey found 74% of respondents said Social Security helps people afford basic living expenses in retirement, 72% said it helps people with disabilities who can no longer work and 65% said it helps people remain financially independent as they age.
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“Social Security can be strengthened for generations to come, and Congress is fully capable of doing it. Social Security is not “going broke,” as some have claimed,” said Nancy LeaMond, executive vice president and chief advocacy and engagement officer in her testimony before the U.S. Senate Committee on Finance earlier this month.
Nearly all respondents—95%—said the program is very or somewhat important for people in the United States, while 91% said it is important for Congress to protect Social Security for future generations.
However, understanding of the program’s benefits was significantly lower among respondents aged 18 to 49 than those 50 and older. For example, 61% of the younger group said Social Security helps people who can no longer work because of a serious disability, compared with 84% of respondents age 50 and older. Similarly, only 41% of younger respondents answered correctly that Social Security provides benefits to children following the death of a parent, compared with 64% of older adults.
Despite those knowledge gaps, support for Social Security’s core functions remained strong. Of survey respondents, 93% said it is important that the program continue helping future generations afford basic living expenses in retirement. Additionally, 92% said it is important for Social Security to help future generations financially if they can no longer work due to a disability and 91% believe it should help future generations remain financially independent as they age.
Last week, the Senate Committee on Finance held a hearing on whether Congress or a separate bipartisan commission should propose a plan to address Social Security’s solvency. There was a partisan split, with Republicans supporting a bipartisan working group and Democrats arguing the issue should be addressed through regular legislative procedures.
” What you will find is that Americans overwhelmingly want Social Security protected and strengthened, with no cuts for current or future generations. If Congress does what Americans are asking, there is no need for shortcuts — no commissions, no fast-track procedures, no limits on debate or amendment,” said LeaMond in her statement opposing the pending proposal to hand Social Security to a commission or outside entity, or force changes through fast-track procedures.
NORC at the University of Chicago conducted online and phone interviews between July 23 and 27 with 1,084 U.S. adults, on behalf of AARP.
