More people are hopeful to receive their Social Security benefits at retirement than in recent years.
Over half of the 1,344 nonretired respondents in a Gallup poll reported they expected to receive a payment out of the Social Security system. This 53% is an uptick from the 37% who reported the same expectation in 2019. Meanwhile, according to this poll taken in June and July, some 47% believed they would not receive their benefits.
SOCIAL SECURITY UPDATE: FIRST ROUND OF DIRECT PAYMENTS WORTH UP TO $4,555 ARRIVES IN FIVE DAYS
“Social Security’s future has been a topic of debate for decades,” Gallup wrote in its press release. “The system is expected to be able to continue to pay full benefits to recipients through 2033 if no changes are made to the system. In 2034, the system is projected to be able to pay 80% of benefits to recipients.”
When it came to respondents over the age of 50, 66% of them reported they expected to receive benefits, which was only a slight decrease from Gallup’s 2015 poll. Respondents younger than 50 expressed less optimism but still had a reported increase from that last poll. Over a third of millennials, 37%, believed they would receive benefits upon retiring. However, 50% of Generation Z respondents reported they would receive theirs.
Still, 43% of the 600 retired respondents reported their belief that their current benefits would be cut eventually. Another 53% of retirees disagreed and reported they expected to receive their full benefits. These were more or less the same numbers as were reported during the last poll.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
President Joe Biden made a promise in his 2023 State of the Union address to avoid cuts to the Social Security system. A majority of 61% of respondents in this survey were in favor of tax increases to keep the system going. Democratic respondents were more likely than their Republican counterparts to expect benefits and believe that they would avoid cuts.
This survey reported a margin of error of plus or minus 3 percentage points.
