Americans Strongly Agree on These 3 Changes to Social Security

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People seem to disagree on many issues as of late, however they discover widespread floor on one topic: the necessity to repair the Social Safety system.

Three-quarters of People in a latest examine — 76% — stated they both considerably agree or strongly agree that the Social Safety system wants to vary, in accordance with the Nationwide Retirement Institute’s 2021 Social Security Survey.

In the meantime, simply 17% stated they considerably disagree that there’s a want for change, and a scanty 6% strongly disagree.

Specifically, the People surveyed agree about three adjustments that may be made to assist strengthen the Social Safety system. Listed below are the chances who stated they considerably agree or strongly agree with the next fixes:

  1. Guaranteeing Social Safety cost-of-living adjustments (COLAs) are sufficient to, at minimal, sustain with inflation: 89%
  2. Reinstating Social Safety payroll taxes on individuals incomes greater than $400,000 per yr: 79%
  3. Offering a Social Safety credit score to unpaid caregivers: 74%

There may be extra reasonable assist for a bunch of different fixes, together with:

  • Making use of COLAs solely to lower- or middle-income households’ Social Safety advantages: 64%
  • Eliminating the earnings cap on Social Safety payroll taxes (which is $142,800 for 2021): 63%
  • Privatizing a small portion of advantages: 58%
  • Means testing: 58%
  • Eliminating early retirement age with decreased advantages: 49%
  • Elevating the full retirement age: 46%
  • Linking full retirement age to life expectancy: 46%
  • Elevating payroll taxes: 46%

There was low assist for one different thought — chopping advantages for everybody presently receiving Social Safety. Not surprisingly, simply 21% of survey respondents supported it.

The Harris Ballot performed the Nationwide Retirement Institute’s survey of greater than 1,900 U.S. adults age 25 and older between April 19 and Might 7, 2021.

Avoiding key Social Safety errors

Social Safety is the inspiration of retirement earnings for hundreds of thousands of People. Making the mistaken choices relating to the federal government program can tarnish your golden years, leaving you with much less cash to spend.

For instance, claiming Social Safety early might be expensive. As we’ve reported:

“Claiming early might be dangerous as a result of when you declare advantages, you may be caught with the identical measurement fee for all times. The quantity of an individual’s month-to-month profit usually won’t ever enhance apart from inflation changes.”

For extra on avoiding such errors, try “7 Social Security Blunders That Can Ruin Your Retirement.”

You may as well discover assist with Social Safety choices by means of Cash Talks Information’ Options Heart. To be taught how one can get a reduction on a customized evaluation of your claiming choices, see “A Simple Way to Maximize Your Social Security.”

Disclosure: The data you learn right here is at all times goal. Nevertheless, we typically obtain compensation if you click on hyperlinks inside our tales.