Survey of Americans Finds Most Would Pay More to Fix SSA’s Finances

January 21, 2015

A multigenerational study finds that a majority of study participants, of all political affiliations are willing to pay more for Social Security, if necessary, to keep the program strong, because they value the security if provides.  Large majority of participants, both Democratic and Republican, largely agree on ways to strengthen the program including options such as:

–a gradual elimination of the cap on earnings taxed for Social Security;

–raise the tax rate that workers and employers each pay from 6.2% to 7.2% (this would result in about 50 cents a week for employers and workers); and

–raise the minimum benefit so that a worker who retires at age 62 can live above the federal poverty line.

Majority participants of both parties believe the following measures should not be implemented:

–increasing the retirement age; or

–reducing the cost-of-living adjustment that beneficiaries receive.

Interestingly, over 1/3 of the participants were unaware that Social Security taxes create eligibility for Social Security Disability benefits and were not aware of the types of benefits that SSDI provides for disabled individuals, adult disabled children and disabled widows.

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