Social Security Is About To Reach Next Generation. Incoming Recipients Are Worried

This article was originally featured on Newsweek and can be found on their website here.

Voters polled by Newsweek believe that Democrats are better protectors of Social Security than Republicans, even though the issue has barely registered in the election battle between former President Donald Trump and Vice President Kamala Harris.

Polling conducted in October 2024 found that 50 percent of Americans are "very concerned" about the future of Social Security retirement benefits, with 40 percent saying they are "fairly" or "slightly" concerned. The figures have remained consistent across the several months the topic has been polled.

This article is part of Newsweek's tracker polling, in which Americans have been asked questions on topics such as abortion, immigration and the war in Ukraine over the past 16 months.

The polling was conducted exclusively by Redfield & Wilton Strategies on behalf of Newsweek between July 2023 and October 2024, asking between 1,500 and 2,500 eligible voters at a time about key issues in the 2024 election.

The Social Security Administration (SSA) is facing depletion of its Old-Age, Survivors and Disability Insurance (OASDI) program trust funds. If a solution is not soon found, benefits could be cut by 21 percent in 2034, according to the SSA's Office of the Inspector General.

The Committee for a Responsible Federal Budget (CRFB) think tank said in September that a retired couple with "medium income" who stop working in 2033 could stand to lose $16,500 from their annual retirement allowance if no solution to the funding cliff is found. A single medium-income person would lose about $12,400.

"Americans, on average, depend on Social Security benefits for close to 40 percent of their retirement income. If nothing is done to address shortfalls, the expected 20 percent reduction in benefits will significantly impact many retirees' ability to maintain their lifestyles," Stephen Kates, principal financial analyst for RetireGuide.com, told Newsweek.

The latest polling, conducted in October, is indicative of the consistent responses Newsweek received on Social Security since February.

Generation X, the next in line for retirement after baby boomers, are the most worried about the prospect of lowered Social Security payments, with 56 percent saying they were very concerned. Generation Z, the youngest adult generation, are the least concerned, with 37 percent saying they were very concerned about their future retirement checks.

Boomers and members of the silent generation—those born between 1928 and 1945—were somewhat less concerned, with 53 percent very worried about future entitlements. It's not surprising given that most of them are already retired, and Social Security benefits cannot be reduced once received.

Despite this, Social Security has not broken through as a key issue for Trump or Harris, with neither candidate delivering a concrete plan to fix the impending funding cliff.

Polling shows that as of October, 44 percent of voters polled believe Democrats are better capable of protecting Social Security, while 34 percent trust Republicans more. The numbers have increased a little since February, when trust in Democrats and Republicans was 41 percent and 31 percent, respectively.

"Republicans have previously discussed privatizing Social Security and generally have a more negative outlook on entitlements," Kates said. "This may cause more people to look to the Democratic Party for beneficial solutions."

"Democrats' consistent positioning as defenders of Social Security benefits speaks directly to key concerns of those nearing or in retirement, most notably baby boomers and Gen X," Javier Palomarez, founder and CEO of the United States Hispanic Business Council, told Newsweek.

"Many Republican-led proposals have included cutting benefits or raising the retirement age, which could easily explain why voters are less inclined to trust the party on this issue."

Still, given the prospect of Social Security being cut within the next decade if there is no action from lawmakers, Kates said he is surprised that neither Harris nor Trump has more directly addressed the issue.

"I am baffled why this is not a more significant issue in the election," Kates said. "To alleviate Americans' concerns, the new administration needs to pressure Congress to address this issue quickly."

Others are not so surprised, given that solving the SSA's funding crisis could lead to unpopular tax increases.

"While unfortunate, it's not surprising that Social Security hasn't played a more pivotal role in the current presidential election since I am sure neither party wants to tell Americans what's required to fix the underlying issues—higher taxes and/or lower benefits—when they are looking for votes," Nassau Financial Group's Tom Buckingham told Newsweek.

"Unfortunately, the government continues to kick the can down the road, which makes it increasingly difficult to address the issues. The bottom line is that we likely need a combination of unpopular changes, including higher taxes, later retirement dates and lower benefits."