According to the 2025 Trustees Report estimates, Social Security will only have sufficient funds to pay full benefits until 2033. After that, payroll tax and other revenues would cover only 81% of benefits. However, this financing gap can be closed if lawmakers act on proposed solutions.
A bipartisan survey found that across party lines, generations, and income and education levels, Americans want lawmakers to strengthen Social Security's finances by increasing program revenues rather than cutting benefits. When asked about their views, 85% of those surveyed responded that benefits should not be reduced, or benefits should be increased, even if that meant raising taxes on some or all Americans. Here are a few key solutions that respondents weighed in on.
|
|
Favor strongly or somewhat** |
Oppose strongly or somewhat** |
Financial impact |
Reduce financing gap by |
|
Eliminate the payroll tax cap by 2030* |
68% |
18% |
Raise revenue |
70% |
|
Gradually increase payroll tax rate for both employers and employees to 7.2% over 20 years* |
57% |
28% |
Raise revenue |
25% |
|
Slow benefit growth by changing the cost-of-living adjustment (COLA) calculation |
38% |
47% |
Reduce benefits |
15% |
|
Gradually raise full retirement age from 67 to 68 or 69 |
37% |
48% |
Reduce benefits |
10% (68)
30% (69) |
*Employees and employers currently each pay a 6.2% payroll tax rate on earnings up to the annual payroll tax cap ($176,100 in 2025).
**Survey respondents couldalso answer "Not sure."