Americans want to preserve and even increase Social Security, and they are willing to pay the money to do so, according to a recent study by the National Academy of Social Insurance.

The study, Americans Make Hard Choices on Social Security: A Survey with Trade-Off Analysis, asked the 2,013 respondents what they are willing to pay to continue to receive Social Security benefits.

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 study uses trade-off analysis techniques to determine what combination of policy changes Americans would support to improve benefits and close the projected financing gap. Social Security is projected to be able to pay full benefits until 2033 when the incoming funds will only be able to cover three-quarters of benefits.

The study used the participants responses plus focus groups to obtain results.

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.

Respondents also support increasing the cost of living adjustment to reflect the higher inflation experienced by seniors.

The fourth element in the package would raise the minimum benefits so that a worker who pays into Social Security for 30 years could retire at 62 and receive benefits that put the person above the federal poverty line, which is currently about $11,670 a year for one person, the National Academy of Social Insurance says.

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