8 in 10 Americans say ‘no’ to raising Social Security’s full retirement age

There’s a reason Social Security is called “the third rail of American politics” — as in, touch it and die. Most Americans – especially seniors – are fiercely protective when it comes to their retirement benefits.

That sentiment is reflected in a national poll of adults from Quinnipiac University that shows 78% of respondents oppose proposals that would raise the full retirement age for Social Security benefits from 67 to 70. Opposition remained steadfast even when respondents were asked whether they would support raising the full retirement age if it meant benefits would last longer, with 30% in favor and 62% against the move.

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The state of social security

While the system is in no danger of going bankrupt, the administrators who oversee Social Security and Medicare have reported that the surplus in the trust fund used to pay out some of the benefits will run out sometime in 2034. If payroll taxes supporting Social Security were gone, they would continue to generate revenue for benefits, but those collections would be about 20% less than the total amount needed. At that point, Congress would have to find other revenue or adjust benefit rules and payroll tax schedules.

Survey reveals deep fear

The level of concern surrounding financial security in retirement was reflected in the Quinnipiac survey.

For example, the biggest personal financial concern for respondents aged 50 to 64 was saving for retirement, with 25% saying this was their biggest concern. That was also the top concern for respondents aged 65 and over, with 26% saying they were concerned about saving enough for retirement.

“When it comes to the golden years, Americans, young, old and in between, share the same concerns,” said Osman Kilic, professor of finance and business at Quinnipiac. “There is a cloud of doubt about the quality of life they will have when they retire, especially among those between the ages of 35 and 64.”

The poll surveyed nearly 1,800 adults from across the political spectrum. While 29% of respondents identified themselves as Democrats, 27% were Republican. Another 29% said they were independent, while the remaining 15% of participants said they belong to a different political party or simply don’t know.

Of all respondents, 22% reported that inflation, higher interest rates and other elements of the current economy have caused them to reconsider when they can retire. Of respondents between the ages of 50 and 64, 32% say they have already postponed their pension plan.

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