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Indispensable Income:
Though Social Security Funds Are Running Out,
Americans Want to Preserve the Program

Nearly nine in ten Americans of all ages and political opinions agree that Medicare and Social Security must continue as new leadership moves into the House of Representatives.

Written by: Senior Living Research Team | Published: January 24, 2023


Now that Republicans are back in control of the House, members may need to gear up for debate over Social Security and Medicare. Even before the November 2021 elections, these entitlement programs have been frequent topics of partisan bickering. Democrats accuse Republicans of wanting to gut the programs entirely, but Republicans say it is irresponsible not to address Social Security’s future insolvency.

While Congress may be divided over Social Security, regular Americans are not. We talked to over 1,000 Americans of all ages and found unusual consensus across political and generational divides.

Here’s what else we discovered:

Social Security Commitment

Income to Social Security Chart

Social Security COLA Breakdown

Conclusion

Our research confirmed two things: seniors rely on Social Security, and Americans don’t want to leave them hanging. While Americans want both Social Security and Medicare to stick around, it will get harder and harder to fund the programs in their current form. If the current trend holds, Social Security trust funds will run out around 2034, so reform is needed critically.

There will be a robust debate over the years to decide what this deal will look like. Since the country seems determined not to abandon the program, reforms will likely feature higher taxes, skinnier benefits, or some combination of the two.

Our Data

We conducted an internet-based poll in English of 1,010 Americans. 508 were aged 62 or older, and 502 were between 18-61. 57 percent leaned Democrat, 24 percent leaned Republican, and 20 percent favored neither party or identified as independent. 503 respondents were women, 499 were men, and eight were of another gender. 61 percent of respondents aged 62 or older were currently receiving Social Security retirement income. 56 percent of individuals aged 65 or older were enrolled in Medicare at the time of the study.