74% of Americans Believe Social Security Would Have to Be Insolvent For Congress to Act

Nov 24, 2020 / Amanda Chase, Horsesmouth Assistant Editor

PlanGap, an annuity company, conducted a survey of over 2,000 U.S. adults. The survey found that 74 percent of Americans believe Social Security would have to be in immediate crisis (e.g., the trust fund would become insolvent) for Congress to attempt to fix the program. Those ages 35 to 44, and 65 and over, are particularly pessimistic, with nearly 4 in 5 (79 percent each) agreeing that Social Security would need to be in crisis before a fix is attempted by Congress.

More than half of Americans (51 percent) do not believe Congress wants to fix Social Security. This negative outlook is especially prevalent among those nearing retirement age. Three in five (60 percent) of those ages 55 to 64 do not believe Congress wants to fix Social Security.

Nearly three quarters of Americans (73 percent) believe Congress’s retirement benefits should be suspended until Social Security is fixed. For those ages 45 to 54, more than three quarters (78 percent) think that until Social Security is fixed Congress’s retirement benefits should be suspended.

You can find the press release here.

 

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