Saving Social Security: Which Solutions Do Americans Support?
August 12, 2025
According to the 2025 Trustees Report estimates, Social Security will only have sufficient funds to pay full benefits until 2033. After that, payroll tax and other revenues would cover only 81% of benefits. However, this financing gap can be closed if lawmakers act on proposed solutions.
A bipartisan survey found that across party lines, generations, and income and education levels, Americans want lawmakers to strengthen Social Security’s finances by increasing program revenues rather than cutting benefits. When asked about their views, 85% of those surveyed responded that benefits should not be reduced, or benefits should be increased, even if that meant raising taxes on some or all Americans. Here are a few key solutions that respondents weighed in on.
Eliminate the payroll tax cap by 2030*
Favor strongly or somewhat**: 68%
Oppose strongly or somewhat**: 18%
Financial impact: Raise revenue
Reduce financing gap by: 70%
Gradually increase payroll tax rate for both employers and employees to 7.2% over 20 years*
Favor strongly or somewhat**: 57%
Oppose strongly or somewhat**: 28%
Financial impact: Raise revenue
Reduce financing gap by: 25%
Slow benefit growth by changing the cost-of-living adjustment (COLA) calculation
Favor strongly or somewhat**: 38%
Oppose strongly or somewhat**: 47%
Financial impact: Reduce benefits
Reduce financing gap by: 15%
Gradually raise full retirement age from 67 to 68 or 69
Favor strongly or somewhat**: 37%
Oppose strongly or somewhat**: 48%
Financial impact: Reduce benefits
Reduce financing gap by: 10% (68); 30% (69)
*Employees and employers currently each pay a 6.2% payroll tax rate on earnings up to the annual payroll tax cap ($176,100 in 2025).
**Survey respondents could also answer “Not sure.”
Sources: Social Security Administration, 2025; National Academy of Social Insurance, January 2025
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