Summary
A new survey shows that while many Americans still like Social Security, younger people, especially from Gen Z, are worried about its future. They are open to changes because they don't believe it will benefit them as much. The Social Security program might face financial trouble by 2034 unless actions are taken.
Key Facts
- Social Security is popular with 83% of Americans, according to a survey by the Cato Institute and YouGov.
- Social Security faces a possible shortfall by 2034 if changes aren't made.
- 61% of Gen Z and 64% of seniors are okay with raising payroll taxes to help Social Security.
- 60% of Gen Z would oppose a tax increase if they receive back less than they paid in later.
- Only 34% of people under 30 believe Social Security will last until they retire.
- 78% of Gen Z expects to receive less than their full Social Security benefits in the future.
- 70% of all Americans expect future benefit cuts, and many think Social Security might not exist later.
- Congress is considering solutions, like increasing Social Security taxes for high earners to fix the financial issues.
