As worries about the future of Social Security mount, millions of American employees are anxious about the type of financial safety net they will have when they retire.
60 percent of respondents to the same poll expressed extreme fear about their payouts being cut before they retire.
The Impending Apocalypse of Social Security
Only 4% of those surveyed stated they were not at all concerned, while another 36% said they were moderately or slightly concerned.
Redfield & Wilton Strategies conducted the poll, which was conducted on May 31 among 1,500 eligible voters.
According to specialists, Americans have good reason to worry. The annual Social Security and Medicare trustees report, which was published in March, exposed the social programs’ precarious financial situation.
According to the analysis, the Social Security trust fund will run out in ten years and will only be able to pay for 77% of benefits starting in 2033.
Prior to the 2024 election, fixing the programs has been a hot topic of conversation. Any attempts to reduce benefits would be rejected, according to President Joe Biden.
To support Medicare, he has suggested hiking taxes on the wealthiest Americans those earning $400,000 or more annually but he hasn’t yet presented a concrete proposal to replenish Social Security’s trust funds.
Read more: 2023 Social Security COLA: Increase In Benefits
Raising the Eligibility Age and Political Sensitivities
Republicans claim they won’t reduce benefits, but they haven’t agreed on a strategy to make the program profitable.
The House Republican Study Committee advocated raising the eligibility age for individuals to begin collecting full Social Security payments.
Such efforts aim to address a topic that has come to be characterized as the third rail of American politics, a topic so fraught with taboo that many decision-makers simply avoided it.
Critics claim that despite the fact that these issues are currently being discussed, neither side of the political spectrum is acting urgently enough.
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