Millennials, Gen X and Gen Z say the system needs reform, an exclusive Newsweek poll found, amid fears the benefits won’t exist when they come to retire
Younger generations in the U.S., including millennials and Gen Zers, are much more likely to believe that the Social Security system needs reforming than those in their 60s and 70s, according to a recent survey conducted by Redfield & Wilton Strategies on behalf of Newsweek.
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Some 40 percent of respondents said they believe that the Social Security program currently pays out more to retirees than it is receiving in Social Security tax payments, while 26 percent disagreed with this statement.
Gen Zers (ages 18-26), millennials (ages 27-42) and Gen Xers (ages 43-58) were more likely than boomers (59 and older) to think that Social Security should be reformed.
Easiest and fairest way to fix this is to stop exempting high earners and investment income from SS tax.
Just for those unaware - the social security pay-in is a percentage of your income, but the maximum amount of your income subject to social security withholding is capped at a fixed level that increases annually. The last time I looked, the cutoff was somewhere around $138k. So if your cumulative income for the year hits $138k in, say, June, you are no longer subject to SS withholding and your weekly paycheck goes up by a couple of hundred dollars or so as a result. Most people don’t hit this amount, but enough do that were the cap eliminated, it would increase solvency and possibly allow for an increase in payouts.
On the flip side, your payout from social security is proportional to what your pay in was. It’s still capped, and it’s not really enough to live on. Those who hit the cap typically have multiple other sources of savings for retirement and could easily contribute more to the national program.
It’s 168k for those interested: https://tax.thomsonreuters.com/news/social-security-wage-base-increases-to-168600-in-2024/
As one of those high earners, yes. Absolutely. I’d even say do it like Medicare and above a certain income you pay a slightly higher rate that normal too.
This is a propaganda article. It’s meant to start the idea that social security change should happen; Social Security had a surplus and was on track to support Gen Z with boomer level benefits until George W Bush drained the fund to pay for the Iraq war. A 100 billion+ surplus (which would have been 2T by 2011) was sucked dry at a billion dollars a day for a war that brought nothing but misery. This current crisis is brought to you by the Republicans.
Social Security is currently facing an uncertain future as it is expected to face a 23 percent across-the-board benefit cut in 2033, according to the Committee for a Responsible Federal Budget, unless something changes until then.
Some bullshit conservative think tank is trying to spin up the idea of cutting benefits to prevent taxing billionaires. Don’t let the rich lie anymore. Make the rich pay!
So the generations that have heard all their life that their will not be any social security for them when they get old think it should change and the people currently getting it do not think it should change?
Some 40 percent of respondents said they believe that the Social Security program currently pays out more to retirees than it is receiving in Social Security tax payments, while 26 percent disagreed with this statement.
And who’s right? Do your fucking job, Newsweek!
They are. They’re defending the status quo, and trying to sway the opinion of young voters.
Boomers really are the generation of “Got Mine, Fuck You”
There just recently was a good episode on citations needed on this kind of fearmongering
Came here to post this. Citations Needed completely changed how I view issues like this.
Social Security is not going to run dry.
Our generation is going to have less children, so who’s going to pay into it when you’re too old to work?
There are literally people sneaking into this country that would love to pay into SS
