More Americans optimistic about future of Social Security: Gallup

Americans are more optimistic about the future of Social Security than they have been in recent years, a new survey from Gallup found.

Among non-retirees, 50 percent expect Social Security to pay them a benefit when they retire, compared to 47 percent who do not think the system will help them.

The response from non-retirees is up from readings taken between 2005 and 2015, when majorities of non-retirees polled said they did not think they would receive benefits from the system, Gallup found.

Current retirees believe they will continue to receive full benefits under Social Security.

Fifty-three percent of retirees, up from 37 percent in 2019 and 49 percent in 2015, say they will receive Social Security benefits. About 43 percent of respondents believe their benefits will be cut eventually, the survey found.

About 66 percent of respondents 50 and older expect to receive benefits, but younger people polled are less confident they will receive benefits from the Social Security system, the survey found.

The poll found Millennials tend to be less optimistic about receiving benefits than members of Generation Z.

Democratic respondents were slightly more likely than their Republican counterparts to say they expect benefits. Retired Republicans tend to be more skeptical that the system would receive cuts than retired Democrats. Party differences have varied over time, and people who identify with “the incumbent president have typically been more positive,” about Social Security’s future, Gallup found.

“Social Security’s future has been a topic of debate for decades,” Gallup wrote. “The system is expected to be able to continue to pay full benefits to recipients through 2033 if no changes are made to the system.”

In 2034, the Social Security system is expected to pay 80 percent of benefits to recipients.

The polling organization noted that in his State of the Union speech, President Biden mentioned the system and received support from both Republicans and Democrats to protect Social Security from cuts in federal budget negotiations.

“It is unclear to what extent this display of bipartisan consensus on the issue has influenced Americans’ opinions about their future Social Security benefits,” Gallup wrote.

The survey was conducted in June and July among 1,344 non-retirees and 684 retirees and has a margin of error of 3 percentage points.