Nearly 90% of Baby Boomers Would Tax Younger Generations to Protect Retirement, Poll Finds

A recent poll indicates that a substantial majority of Baby Boomers are willing to see taxes raised on younger workers to safeguard their own retirement benefits, a sentiment shared by a significant portion of Gen Xers and millennials.

The survey, conducted by the Cato Institute, found that 89% of individuals over age 65 supported protecting current retiree benefits even if it meant higher income taxes for younger people. This perspective was echoed by 74% of Gen Xers (ages 45-54) and 57% of millennials (ages 30-44).

"You might expect seniors to be more conscientious of the tax burden they’re placing on their children and grandchildren," Emily Ekins, Vice President and Director of Polling for the Cato Institute, told The Post. "That’s where the generational divide comes in."

In contrast, Gen Z, defined as individuals under 30, stood apart. This group was the only one not in favor of increasing taxes to fund Social Security benefits. Instead, 53% of Gen Zers indicated a preference for cutting benefits to seniors to shield younger individuals from higher taxes. Overall, Gen Z was eight times more likely than those 65 and older to support reducing benefits for current and future retirees.

"Having paid far less into the system, younger Americans are significantly more likely than older [Americans] are to accept reducing their own benefits as long as they are guaranteed to get back at least what [they and their] employer paid in — plus reasonable growth or interest," the Cato Institute stated in its report.

The report also highlighted that younger generations, particularly Gen Z, expressed the least confidence in the future existence of the Social Security program. Half of Gen Z respondents were unaware that payroll taxes fund current retiree benefits.

Despite these differing views on funding mechanisms and benefit adjustments, the poll also revealed broad support for the Social Security program itself. It found that 90% of Democrats, 82% of Republicans, and 81% of independents hold positive views of Social Security, though concerns about its long-term solvency persist across all political affiliations.

The poll, which surveyed 2,000 Americans in collaboration with data firm YouGov, sparked considerable debate on social media platforms following its publication. Discussions often centered on the perceived fairness of burdening younger generations with the financial support of current retirees, especially given economic challenges faced by younger workers, such as student debt and housing affordability.