Americans are divided over Social Security reform as insolvency begins in 2032

social Security is expected to be debt-free by 2032 and begin automatic benefit cuts according to the latest estimates, and Americans are divided over how best to reform the eligibility system to secure their futures, a new non-probability survey finds.

Ronald Reagan Center Reagan National Economic Surveyreviewed exclusively by FOX Business, asked voters how they think the Social Security deficit should be closed to prevent benefits from being cut when the program no longer pays full benefits in 2032.

“Americans fall into two different camps: those who want to do something about it and those who want to push this on the next generation,” Dan Rothschild, director of the Center for Civics, Education, and Opportunity at the Reagan Institute, told FOX Business in an interview.

The survey asked registered voters about three specific policy options that would improve Social Security's financial situation – raising taxes on workers, reducing benefits and raising the retirement age – each of which met with opposition.

THE EXISTING SOCIAL SECURITY FUND IS FACED WITH A DECREASE BY 2032, WHICH HAS BENEFITS.

Income taxes for current workers and their employers is the main way Social Security funding is provided, but the prospect of higher taxes was opposed by 80% of voters, with similar findings across party lines and age groups.

Reduction Social Security Benefits faced even stronger opposition among registered voters, with 90% opposed, according to the survey. Notably, the youngest age group had the most support for the benefits cut, with 22% of 18 to 29 year olds, compared to 78% opposed.

Borrowing money and adding to national debt they also faced widespread opposition, with only 24% of voters in favor and 76% opposed.

LARRY FINK IS CALLING FOR CHANGES TO SOCIAL SECURITY, SAYING INVESTMENTS COULD STRENGTHEN THE SYSTEM.

Changes to Social Security may include higher taxes, lower benefits, or a combination of both and changes to the eligibility system. (Mark Felix / The Washington Post)

Raising the retirement age was viewed as a more favorable change, with 26% in favor of the opposition and 74% among registered voters.

There was a narrow party split, with 31% of Republicans and 25% of independents in favor, compared to 21% of Democrats. Additionally, the youngest and oldest cohorts were most supportive of a higher retirement age, with 30% of 18-29 year olds and 33% of those aged 65 and over.

NEW PROPOSAL WOULD CAPE SOCIAL SECURITY BENEFITS AT $100K FOR WEALTH COUPLES.

When asked to choose between raising taxes by $1,500 a year; cut benefits to retirees are absent for $5,000 per year; and reducing benefits for retirees making more than $1 million, including the value of their homes, by $15,000 a year.

Respondents were in favor of the last option and 71% were in favor. That compares with 20% who favor a tax increase and 9% who support benefit cuts.

If the main Social Security fund is depleted, federal law requires that benefits be determined to match income tax returns. (Jeffrey Greenberg/Educational Images/Common Images Group via Getty Images)

AMERICANS HOPEFUL ABOUT START-UPS TACKLING BIG CHALLENGES, GET A BOOK

Medicare It also faces a deficit in 2033, and the survey found that 43% of voters favor raising taxes on workers by about $2,400 a year, compared to 33% who favor hiking premiums for Medicare beneficiaries by $1,000 a year and 24% who support reducing Medicare-covered services to reduce costs.

“A significant number of people did not want to make any changes at all. That was driven to a large extent by the idea that Social Security and Medicare have a successful fictional trust fund, that the money is spent elsewhere, that this is the result of waste, fraud and abuse – not that it is a problem associated with a pay-go-system like this,” said Rothschild.

“I see a huge gap between how Americans understand how merit programs are funded and how rights programs they are actually subsidized,” he added.

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