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It’s no secret that Social Security needs to be tweaked in order to fix the program’s solvency.
And research from the latest Aegon Retirement Readiness Survey shows just how far Americans think politicians need to go to shore up the system.
Just 8% of Americans surveyed said they think the government should take no action and that the program will be “perfectly affordable” in the future.
“The fact that fewer than one in 10 think that no action is needed is quite telling,” said Catherine Collinson, CEO and president of the Transamerica Institute and Transamerica Center for Retirement Studies.
The most popular answer from respondents, with 32%, said the government should increase overall funding for the program. The next most popular solution, with 21% , supports a balanced approach that would include reducing individual payments and some tax increases. Meanwhile, 18% said the government should reduce the overall cost of Social Security.