Social Security forms the bedrock of the American retirement savings system. This critical program, soon to celebrate its 89th birthday, faces a financing challenge as the trust fund that covers a portion of benefit payments is projected to be exhausted in 2033. If that occurs, there would be automatic across-the-board benefit cuts of 17 percent, according to the latest estimates.

The need to fix Social Security’s financing is happening simultaneously with other changes in America’s retirement savings landscape from the increasing adoption of state-facilitated retirement savings programs to serious efforts on the part of the financial sector to create in-plan lifetime income options for savers. This moment has been referred to as “Peak65” since 2024 will see the greatest surge of Americans turning 65.

Against this ever-changing backdrop, the National Institute on Retirement Security (NIRS) surveyed the public to learn about their views regarding Social Security. The findings from that survey are the subject of an issue brief from NIRS, Americans’ Views of Social Security. On July 23rd, 2024, NIRS held a webinar to review the findings of that issue brief and a discussion of the current state of Social Security and the prospects for reform.

Webinar speakers included: Tyler Bond, Research Director, National Institute on Retirement Security; Rebecca Vallas, Chief Executive Officer, National Academy of Social Insurance; and Jason Fichtner, Chief Economist at the Bipartisan Policy Center and Executive Director of the Retirement Income Institute, Alliance for Lifetime Income