February 08, 2013

Most Believe Social Security Benefit Should be Increased

Source: Medicare Rights Center

Americans don’t mind paying for Social Security, according to a new report from the National Academy of Social Insurance (NASI). Over 80 percent of Americans are willing to pay for Social Security because of the benefits it provides to older adults and people with disabilities, as well as surviving children and spouses of deceased workers.

NASI conducted an online survey of 2,000 Americans to explore attitudes towards Social Security and found that most people (75 percent) believe the government should consider increasing Social Security benefits for retirees—84 percent of people believe the current benefit is insufficient. According to the report, Americans would support program changes that provide additional funding for Social Security, such as eliminating the cap on taxable earnings, raising the Social Security tax rate, and increasing the cost-of-living-adjustment (COLA) to better keep up with inflation. In contrast, Americans oppose proposals that reduce benefits, such as raising the full Social Security retirement age from 67 to 70.

Read the full NASI report. (pdf)