The silver bullet to save Social Security hasn’t yet been found, but some MarketWatch readers think privatizing the program could be a start. The combination of trust funds that support Social Security retirement and disability benefits is expected to run out of money by 2034, according to the latest trustees report, released earlier this year. At that point, beneficiaries would see a 20% cut to their paychecks.
Ahead of the second GOP debate Wednesday night, MarketWatch conducted polls on Instagram and X, formerly known as Twitter, to take readers’ pulse on how they think Social Security could be fixed. Of the approximately 650 people who participated in the Instagram poll asking how Social Security could be fixed, 34% said by changing benefits, while another 32% said by privatizing it. Some 21% said the system could be fixed by increasing taxes, and 14% suggested raising the retirement age. In another question, MarketWatch asked when people expected to retire. Of the nearly 950 responses, more than four in 10 people said they expected to retire in 35 years; another 34% said in 20 years; 7% said next year; and 17% said never. When asked if they thought Social Security benefits would be available when they retire, 29% of the roughly 900 respondents said yes, while 71% said no. The number of responses varied by question because polls are placed on individual pages in Instagr …
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