A new survey by the National Academy of Social Insurance (NASI) to understand Americans’ views about Social Security and how to strengthen it reveal strong support for Social Security. An overwhelming majority of Americans across the political spectrum value Social Security.
Almost three out of four survey respondents (73 percent) said they did not mind paying into Social Security because it’s important for themselves and their families as well as the security it provides older adults and people with disabilities. Most respondents (86 percent) felt that Social Security today does not offer enough income security for retirees. And, nearly three of four people surveyed (73 percent) thought the benefit needed to increase over time.
A large majority of people (77 percent) said that to keep Social Security strong into the future, it would be worth having working Americans make larger payroll contributions to Social Security. More than seven of ten people want to see reforms that put more money into the Social Security Trust Fund and increased benefits over time.
They support a ten-year gradual lifting of the cap on Social Security contributions, which is now $117,000 so that the six percent of the population who earn more than that continue to contribute. There is no cap on Medicare contributions. They also support a one-percent increase in the payroll contribution by employees and employers from 6.2 percent to 7.2 percent over 20 years.