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And The Survey Says: Delay Retirement To Save Social Security

Posted on Mar 24, 2011

In October of 2007, the first baby boomer signed up for Social Security benefits. This signified the beginning of a tidal wave of retirees claiming benefits. At the time, there were reported concerns as to how the Social Security system would handle 80 million Americans exiting the workforce and claiming benefits over the next 22 years.

Fast forward three and a half years and the future of Social Security is still a hot topic, subject to debate. While many Americans fear a complete collapse of the Social Security system in coming years, others believe the program can continue as it has since it's inception in 1935. When you look at some of the figures presented to the American public, it is easy to see why the Social Security system is in trouble. To save the system, several options are being considered.

Of these options, some are more favorable than others, at least according to the results of a recent survey. A UPI.com news article reported that from February 14 through the 21^st of this year, 3,171 adults were surveyed in a Harris Poll. If their answers represent the majority of Americans, retiring later could be the best solution to the Social Security crisis. Forty percent of respondents agreed that delaying retirement and working beyond age 65 would be the best solution. Increasing the eligibility age to receive benefits came in second, with 37 percent of responders supporting this option.

Other options include raising taxes to pay for benefits or reducing the amount of benefits received. Not surprising, neither of these options sit well with responders. Twenty-seven percent supported an increase in taxes while almost all responders agreed that reducing benefits will not solve the problem.

The Social Security system operates like any other budget, if it pays out more than it takes in, there will be a deficit. According to those surveyed, the most popular solution would involve delaying retirement. This increases the number of years in which contributions to the system are made, while reducing the number of years in which benefits are paid out.