Some have called Social Security the third rail of politics, where those who suggest change threaten to end their political careers. But a recent study that surveyed Americans about Social Security found widespread support for several major changes to the program.
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, talks about the study from the Voice of the People, which surveyed hundreds of representative Americans about Social Security. Dan notes that the survey found strong majority support for measures like cutting benefits for the top quarter of income earners in retirement, raising the full retirement age to 68, raising the wage cap for Social Security taxes by $100,000, and raising the payroll tax from 6.2% to 6.6%. Dan concludes that with many people willing to see changes that would potentially cost them money, now might be the best time to move forward with reform efforts.