A newly released survey from the Peter G. Peterson Foundation reveals significant voter concern about Social Security’s long-term solvency in key battleground states. The nonpartisan organization surveyed 2,500 registered voters across Georgia, Michigan, North Carolina, Ohio and Texas between late August, finding that respondents strongly prefer candidates who propose concrete solutions to address the program’s funding challenges.
Social Security’s trust fund is projected to become depleted in the fourth quarter of 2032, potentially triggering automatic benefit reductions of approximately 22% for retirees, their spouses, children and survivors unless Congress acts beforehand. The Peterson Foundation’s research indicates that awareness of this looming shortfall remains relatively limited among the general public, though it is gradually increasing. When survey respondents were informed about the projected benefit cuts, support for Social Security reforms jumped dramatically from 49% to 91%.
The survey identified several reform approaches with varying levels of support among respondents. Increasing the payroll tax cap by 1% for income exceeding $184,500 received backing from 72% of those surveyed, making it the most popular option tested. Additionally, 66% of respondents favored capping benefits for higher-income retirees at $100,000 annually, while 65% supported reducing benefits for the highest earners and gradually adjusting both benefits and taxes.
Support for reforms crossed partisan and generational lines, with 92% of Republicans and 90% of Democrats backing reform measures. Among age groups, those 65 and older showed the strongest support at 94%, followed by ages 45-64 at 92% and ages 18-44 at 87%. A separate survey from late 2024 found different solutions, such as eliminating the payroll tax cap for earnings above $400,000, also enjoyed substantial public support.
The Peterson Foundation has advocated for establishing a commission to develop reform recommendations, referencing the successful approach used in 1983 when President Ronald Reagan signed major Social Security reforms into law. Foundation officials have emphasized the importance of addressing the issue before the 2032 deadline, suggesting that reforms enacted during the coming years would offer more favorable options than those available if delayed until the trust fund’s actual depletion date.
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