The future of Social Security has sparked worry among many due to projected funding shortfalls. However, large numbers of Democratic and Republican voters agree about measures that might fix the problem, according to a recent survey of more than 4,600 adults.
As things stand today, the Social Security retirement trust fund is projected to be depleted in 2033. At that time, benefits would be cut if nothing is done to shore up the fund.
We explain the program’s bleak outlook in “Here’s What Will Happen When Social Security and Medicare Funds Run Dry.”
But a recent survey by the University of Maryland’s Program for Public Consultation found overwhelming bipartisan agreement for the following potential fixes to the funding shortfall.
Making wages above $400K subject to payroll taxes
Share of survey respondents who favor this change:
- Among all: 87%
- Among Republicans: 86%
- Among Democrats: 89%
How much this change would reduce Social Security’s long-term shortfall by: 60%
A huge share of Americans in both parties favor applying payroll taxes to earnings that exceed $400,000 as a way to shore up Social Security.
For 2024, the maximum amount of a worker’s income subject to Social Security payroll taxes was $168,600. For 2025, it is $176,100.
That means every dollar you earn above those limits is not subject to payroll taxes. However, Americans in the survey said they would be happy to see all wages exceeding $400,000 taxed.
Increasing the Social Security payroll tax to 6.5%
Share of survey respondents who favor this change:
- Among all: 86%
- Among Republicans: 87%
- Among Democrats: 87%
How much this change would reduce Social Security’s long-term shortfall by: 15%
Right now, income that you earn up to the aforementioned limits is subject to a Social Security payroll tax of 12.4%. If you work for a company, you split this cost with your employer (6.2% each). If you are self-employed, you are responsible for paying the full 12.4% yourself.
Voters in both parties would support raising that tax rate by 0.05% each year over a period of six years to help shore up Social Security.
A 0.05% annual bump over that period would mean that at the end of the six years, workers would pay 6.5% of their income in Social Security taxes instead of the 6.2% they pay today. Presumably, self-employed workers would be on the hook for 13% of their income in such taxes rather than the 12.4% they pay now.
Increasing the full retirement age to 68
Share of survey respondents who favor this change:
- Among all: 89%
- Among Republicans: 91%
- Among Democrats: 88%
How much this change would reduce Social Security’s long-term shortfall by: 15%
A worker’s full retirement age is the age at which he or she can begin collecting Social Security retirement benefits in full. For most folks, that is now 67 years old.
Every so often, some politician suggests raising this age and hears howls of disapproval in response. However, the University of Maryland survey shows that a large percentage of Americans in both parties support gradually raising the full retirement age to 68 by the year 2033.
Reducing benefits for the top 20%
Share of survey respondents who favor this change:
- Among all: 92%
- Among Republicans: 92%
- Among Democrats: 93%
How much this change would reduce Social Security’s long-term shortfall by: 11%
Many Americans feel that wealthy folks should sacrifice some of their Social Security benefits in order to strengthen the program as a whole.
As the University of Maryland notes, even in households making more than $150,000, support for cutting benefits for the wealthy stands at 89%.
Other Social Security changes most Americans support
Americans also support changes to Social Security that would make the program more generous — and increase the program’s funding shortfall. However, support for these measures is much lower than for the previously mentioned measures that would shore up the program.
- Raising the minimum benefit for those who have worked 30-plus years from $1,066 to $1,570 a month: Supported by 71% of survey respondents, including 71% of Republicans and 73% of Democrats. This would increase the shortfall by 7%.
- Increasing benefits of those 85 and older by 5%, or about $100 a month: Supported by 68% of survey respondents, including 67% of Republicans and 70% of Democrats. This would increase the shortfall by 4%.
- Basing cost of living adjustments (COLAs) on goods that elderly people tend to buy: Supported by 68% of survey respondents, including 70% of Republicans and 67% of Democrats. This would increase the shortfall by 12%.
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