Saving Social Security Is a Bipartisan Issue: Survey

The study, done in concert with Greenwald Research, found the strong desire of Americans to not only keep Social Security, but also bolster it through higher payroll taxes.

Here are the key findings of the study:

• COVID-19 has impacted many Americans concerns’ and plans for retirement.

The survey found 51% of respondents stated that the pandemic has increased their concern. In addition, 67% stated that due to COVID-19, they plan to retire later than they had previously intended.

• A large majority of Americans are worried about economic security in retirement.

Along with those who believe America is facing a retirement crisis, 56% of respondents stated they were concerned they won’t be able to achieve a financially secure retirement. Further, 68% said the average worker can’t save enough today to secure their retirement.

• The country may be polarized, but it is united on this issue.

Americans might be divided on political matters, the politicians should take note that most — 79% — of Americans support Social Security and think it should remain a congressional priority despite budget deficits.

Further, 60% agree that it makes sense to increase the amount that workers and employers contribute to Social Security to make sure it’s available to future generations.

In fact, 25% stated it should be expanded to all Americans, while 25% said it should be expanded to all but wealthier households.

• Pensions have big support.

Another hot-button issue seems to have a consensus: defined pension benefits. The survey found 76% of those surveyed have a favorable view of pensions, and 65% believe they work better than 401(k) savings accounts for providing retirement security.