A new national survey finds eight in ten Americans want Social Security overhauled, with broad agreement across demographics on the same top three fixes.
Along with that strong consensus, there is also unusual agreement across demographic groups on how to fix it.
Increasing taxes on higher earners was the leading option, favored by 51% overall. Raising employer-paid Social Security taxes came second at 42%. Reducing or eliminating benefits for individuals above a certain income threshold ranked third at 38%.
The Nationwide Retirement Institute's 2026 Social Security Survey, was conducted by The Harris Poll among 1,832 US adults aged 18 and over who currently receive or expect to receive Social Security.
Despite the urgency implied by those preferences, the survey reveals a significant gap between public perception and the program's actual financial outlook.
Respondents estimated on average that the Social Security Trust Fund would be depleted in about 17 years, roughly 2043. In reality, the 2026 Social Security Trustees Report projects depletion around a decade earlier.
When told of that projection, 53% said it was sooner than they expected.
For advisors, this misperception shapes client behavior in ways that may work against their best interests. Fully 51% of Americans say they have filed or plan to file for benefits as early as possible, in many cases driven by concern that the program will be cut before they can claim.
That is despite early filing typically resulting in permanently reduced monthly payments.
Only 20% of Americans say they have a clear plan in place if Social Security benefits are reduced.
Meanwhile, 61% believe the government will act to fix the program before any cuts occur; a degree of institutional confidence that may itself be driving complacency.
Americans who work with a financial advisor were nearly four times more likely to have a plan for a potential reduction in benefits (39% vs. 10%).
Among Americans currently receiving Social Security benefits, 74% said they have had to adjust their finances because rising costs have outpaced benefit growth.
Of those, 51% have reduced discretionary spending, 38% have cut essential expenses, and 25% have increased their draw on savings. The cost-of-living adjustment (COLA) mechanism, which links annual benefit increases to inflation, has not kept pace with the lived experience of many retirees.
The survey found broad anxiety across generations about who will ultimately absorb the cost of reform.
Overall, 74% of Americans believe their own generation is more likely to bear the burden of whatever changes are made. Millennials (ages 30–45) expressed the most concern, with 84% agreeing their cohort would shoulder more of the adjustment. Gen X followed at 82%, Gen Z at 79%, and Boomers+ (age 62 and older) at 60%.
That generational divergence should influence how advisors frame Social Security conversations.
Younger clients may be receptive to more conservative projections or scenarios in which benefits are reduced by a certain percentage, while clients already in or near retirement may want guidance on protecting retirement income in the face of Social Security uncertainty.
Advisors who proactively raise the topic stand to build deeper trust with clients across every age group.
The survey data makes a compelling case for proactive client communication.
With trust fund depletion now less than a decade away on current projections, and with most Americans underprepared and overconfident about government intervention, the window for meaningful planning is narrower than many clients realize.
Helping clients stress-test retirement income plans against a range of Social Security scenarios, including partial reductions, may be one of the most actionable conversations an advisor can initiate in 2026.
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