Most Americans agree Social Security can’t stay status quo

investmentnews.com:

A robust majority of US adults agree change is needed in the Social Security system, according to a new survey from the Nationwide Retirement Institute.

The institute’s 11th annual Social Security survey revealed that nearly four-fifths, or 79 percent, believe the system needs reform.

The survey highlighted growing concerns about the system’s solvency, with nearly 72 percent of respondents fearing that Social Security funds may deplete within their lifetimes, and 23 percent of Americans doubtful they’ll receive any Social Security benefits they have earned.

The fear surrounding the stability of the Social Security system was most present among millennials (79 percent) and Gen Xers (77 percent), compared to Gen Z and baby boomers (66 percent for both).

“Though Americans’ heightened anxiety around the Social Security program is not surprising, it is now more important than ever for them to have a retirement plan that hedges against the possibility of receiving less in benefits than expected,” Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide, said in a statement.

With the 2024 presidential election approaching, Social Security reform is a hot topic for voters. Nationwide’s survey found that 69 percent of respondents will factor in a candidate’s stance on this issue as they proceed to the polls.

Among the proposed changes gaining traction, raising the minimum eligibility age from 62 to 64 for future retirees aged 50 or younger was most popular, garnering support from 66 percent of respondents. Meanwhile, just over half (51 percent) back increasing the full retirement age from 67 to 69 for the same group.

These proposals have bipartisan support, with 68 percent of Democrats and 69 percent of