Americans Willing to Pay Even More For Social Security?

According to an article in Financial Advisor Magazine, yes they are apparently willing to pay considerably more. The information was taken from a study of 2,013 respondents from the National Academy of Social Insurance. From the article:

Overwhelming majorities of Americans say they do not mind paying for Social Security (73 percent) because of its value to themselves or their families, and that current benefits are not enough (86 percent). Seventy-two percent feel the government should consider raising benefits.

In order to preserve benefits, which respondents feel are critical for future generations, 77 percent are willing to increase Social Security taxes for all workers, and 83 percent say taxes should be increased for higher wage earners.

The policy changes preferred by 70 percent of respondents include gradually increasing the cap on earnings that are taxed for Social Security over a 10-year period. Currently, the first $117,000 in earnings is taxed for Social Security. Only 6 percent of workers make more than this amount.

Also in the package would be a gradual increase over a 20-year period of the rate that employees and employers pay to Social Security––from 6.2 percent to 7.2 percent of earnings. A worker earning $50,000 a year would pay about 50 cents more a week each year for this change, the survey says.

I firmly believe that the responses to this study were made by Americans who have no clue of just how much damage Social Security does to their finances.  If Americans truly knew this, the results would be completely different.  My upcoming e-book (December 2014) will address this topic.

 

-RR

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