Americans back Social Security, but one-third fear it won’t last

Most Americans hold a favorable view of Social Security, but about one-third are skeptical the program will still exist when they retire, according to new survey data released by the Cato Institute and YouGov.

The survey also found that Americans are broadly misinformed about how Social Security works. 

“Many do not understand how the program is funded, how benefits are determined, when eligibility begins, or that earlier cohorts contributed very little relative to what they received,” the survey noted. “Nor are most aware of the dramatic demographic shifts — from 16 workers per retiree in 1950 to 2.7 today — that drive the program’s budget shortfall.”

Still, the poll of 2,000 Americans shows strong bipartisan support for Social Security, now in its 90th year, with favorable views held by 90% of Democrats, 82% of Republicans and 81% of independents.

But confidence in the program’s future is eroding. About 30% of respondents said they do not believe Social Security will exist in the future, while 70% expect benefit cuts. Nearly six in 10 said younger generations will receive a worse deal when they retire.

For 2026, the average monthly payment to retirees will rise to $2,056, an increase of 2.8% compared to this year.

Respondents’ concerns are tied to the program’s finances. Social Security is projected to become insolvent by 2033. Absent congressional action, benefits would be cut by roughly 21% at that point.

Distrust of lawmakers is widespread: as 62% of respondents said Congress has “mostly broken its promises” in managing Social Security, while 71% support the creation of a nonpartisan commission to address its long-term funding.

In terms of solutions, Americans tend to favor modest reforms, such as freezing benefits for a year or slowing cost-of-living adjustments, generally supporting the “least bad” option.

But 77% oppose cutting benefits, and the same share oppose raising their own payroll taxes by about $1,300 per year — with nearly half unaware that payroll taxes fund current retirees’ benefits.

Generational divides are also evident. Gen Z respondents were eight times more likely than those 65 and older to support benefit reductions, and 51% said they are not currently saving for retirement.

“Most Americans view it as a government-enforced personal retirement savings plan rather than as a redistributive social insurance program,” the survey indicates. “These expectations conflict with the program’s actual design, in which benefits are mildly progressive and are financed by current workers’ payroll taxes.”