Over Three in Four Adults Want Overhaul to U.S. Social Security System, Survey Says

Americans—especially Gen Xers and Millennials—are becoming increasingly alarmed about the Social Security system’s solvency, and more than three in four (79%) U.S. adults believe the Social Security system needs to change, according to the 11th edition of Nationwide Retirement Institute’s annual Social Security survey.

Of the 1,831 Americans over the age of 18 who were surveyed, Nationwide found that nearly three-quarters (72%) are concerned that the Social Security system will run out of funding during their lifetime. This concern is particularly big among millennials (79%) and Gen Xers (77%), compared to Gen Z (66%) and baby boomers (66%). In fact, almost one in four (23%) believe they won’t get a dime of the Social Security benefits they have earned.

“Though Americans’ heightened anxiety around the Social Security program is not surprising, it is now more important than ever for them to have a retirement plan that hedges against the possibility of receiving less in benefits than expected,” Tina Ambrozy, senior vice president of strategic customer solutions at Nationwide, said in a statement. “We are in an opportune time for financial professionals to empower their clients to plan for the future and build long-term financial resilience.”

Social Security reform is top of mind for many Americans, as 69% say that a candidate’s stance on the topic will be a major factor in how they vote in the upcoming presidential election. With that in mind, many are voicing their opinions on ways the system needs to change.

Notable proposed changes that Americans support include raising the minimum eligibility age from 62 to 64 for all future retirees ages 50 or younger (66%) and increasing the full retirement age from 67 to 69 on all future retirees ages 50 or younger (51%). According to the survey, these proposals have bipartisan support, with 68% of Democrats and 69% of Republicans backing the first proposed change and 50% and 51%, respectively, favoring the second.

Other proposed changes to the Social Security system include:

Increasing taxes on higher earners to increase funding (47%).
Decreasing taxation on benefits (40%).
Increased funding through employer taxes (34%).

Despite wanting to overhaul the system, many Americans still don’t fully understand how the Social Security system works. According to the survey, more than half of respondents (51%) admit they don’t know exactly how to maximize their Social Security benefits and one-third (33%) are uncertain about the age at which they are or were eligible for full retirement benefits.

Unfortunately, this knowledge gap has grown over the last decade. When this survey was conducted in 2015, 86% of respondents ages 50 and older knew that Social Security could offer benefits for their spouse or children, whereas only 74% knew this in 2024. Similarly, 66% of respondents ages 50 and older knew that divorced adults may be eligible for Social Security benefits based on their ex-spouse’s record, whereas only 52% answered this correctly in 2024.

Furthermore, two-thirds (66%) of U.S. adults didn’t know or were unsure that Social Security is protected against inflation, and a mere 4% could identify all five factors that determine the maximum Social Security benefit.

“This growing knowledge gap highlights the need for better education and resources to help Americans understand how this important element of their retirement plan will contribute to their financial security in the future,” Nationwide said in a media release.

Although Americans’ widespread concerns about Social Security solvency are apparent, many are not taking proactive steps to secure their financial futures, according to Nationwide.

Almost half (47%) report that they don’t pay to work with a financial or tax professional and don’t want one. In addition, 55% of U.S. adults who don’t pay to work with a financial or tax professional have no plans to seek advice about Social Security benefits from one. However, the good news is that the majority are open to learning more from a professional. For example, when thinking about managing their savings for retirement, three in four (75%) expressed interest in discussing savings or investment options to guarantee specific income levels during their retirement.

“Given Americans’ increasing worries about the future of Social Security, it is concerning to see that many have yet to take proactive steps to secure their retirement,” Ambrozy said. “Seeking guidance from a financial professional can make a significant difference in maximizing Social Security benefits and ensuring financial stability in retirement. We encourage everyone to take action now to better understand their options and safeguard their financial futures.”

The research was conducted online in the U.S. by The Harris Poll on behalf of Nationwide among 1,831 adults age 18 and older who currently receive or expect to receive Social Security, including 313 Gen Z (age 18-27), 506 millennials (age 28-43), 506 Gen Xers (age 44-59), and 506 boomers (age 60 and older). The survey was conducted from April 19 until May 13, 2024.