(GALLUP) Americans: Improved outlook re: social security

The following is from Gallup News Poll.

Americans are more optimistic about the future of Social Security than they have been in recent years, even though only about half currently express optimism.

Among U.S. non-retirees, 50% expect the Social Security system to pay them a benefit when they retire, while 47% do not. In three readings taken between 2005 and 2015, non-retirees were more inclined to predict they would not receive Social Security retirement benefits.

Further, 53% of current U.S. retirees believe they will continue to receive their full Social Security benefits, up from 37% in 2010 and 49% in 2015. Forty-three percent of retirees currently believe their benefits will eventually be cut.

Despite the improved outlook among both retirees and nonretirees, neither group is any more upbeat about the future of their Social Security benefits now than they were in the 1980s, 1990s and early 2000s.

These results are based on Gallup polling conducted in June and July, including a sample of more than 1,300 non-retirees and over 600 retirees.

Social Security’s future has been a topic of debate for decades. The system is expected to be able to continue to pay full benefits to recipients through 2033 if no changes are made to the system. In 2034, the system is projected to be able to pay 80% of benefits to recipients.

Non-retirees Aged 30 to 49 Not Counting on Getting Benefits

Expectations for receiving Social Security benefits vary by age among nonretirees. As might be expected, older non-retirees are fairly confident, with 66% of those aged 50 and older expecting to get benefits.

But it is the next oldest age group, rather than the youngest that is furthest away from retirement, that is least confident. Thirty-seven percent of nonretirees between the ages of 30 and 49 believe they will get Social Security benefits, while 61% do not.

The youngest adults, those aged 18 to 29, are divided — 50% think they will get benefits, and 48% do not.

Compared with 2015, older and middle-aged nonretirees’ expectations about receiving benefits are not meaningfully different now.

Meanwhile, the youngest age group is significantly more likely today (50%) than in 2015 (34%) to predict they will receive benefits. (Continued…)

Read more here.

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