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The media (yes, we know, BenefitsPRO, too) frequently report stories about the state of the Social Security trust fund. The way in which this information is reported, and especially the headline used on the story, can affect how workers respond, according to a study by the Center for Retirement Research at Boston College.
Researchers asked study participants to read an identical article that shared the results of the 2020 Trustees Report, including the projection that ongoing revenues are sufficient to cover three-quarters of scheduled benefits. However, they changed the headline when showing the story to several groups:
- The control group saw the headline "Social Security faces a long-term financing shortfall."
- The first treatment group saw the headline "The Social Security Trust Fund Will Deplete its Reserves in 2034."
- The headline for the next group used more alarmist language, similar to prominent articles in the news media: "Social Security Fund Headed toward Insolvency in 2034, Trustees Find."
- The headline for the final group emphasized ongoing revenues: "Revenues Projected to Cover Only 75 Percent of Scheduled Social Security Benefits After 2034."
Participants then were asked about their expectations for the future, including their planned claiming age, the level of benefits they expect to receive from Social Security and how much they plan to save in their 401(k) or IRA. The analysis compares the expectations of the treatment groups to the control group.
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The results show that headlines about the trust fund influence claiming ages and expected benefit levels but not future savings goals.
Respondents in all three treatment groups said they plan to claim around one year earlier than the control group. They also shifted their beliefs about future benefit levels away from extreme positions and toward more realistic expectations; in particular, respondents who read the headline about ongoing revenue were more likely to expect around three-quarters of scheduled benefits.
In summary, headlines about the trust fund induce earlier claiming, regardless of tone, but adding information about revenues makes readers more realistic about the level of future benefits. In no case do workers plan to increase their saving to offset future benefit cuts.
"Given that readers are far more likely to remember headlines written in large font than information buried in the body of a news article, the alarmist tone of some Social Security reporting could lead the public to a highly pessimistic view of the program's future," the report said. "Indeed, many workers believe that they will ultimately receive far less than 75 percent of scheduled benefits."
The study findings have three policy implications, researchers said:
- Shifting the media narrative around the trust fund to highlight ongoing revenues could improve the public's understanding of actuarial projections.
- However, workers may still respond to news coverage of the trust fund by claiming earlier.
- If workers follow through with their stated intention to claim earlier, they will lock in lower monthly benefits without increased saving to make up the gap.
"These findings suggest that media coverage of the trust fund makes many workers fear an unrealistically severe cut to their future Social Security benefits," the study concluded.
"Providing salient information about ongoing program revenues helps align workers' expectations with a more likely scenario. However, adjusting the narrative to include ongoing revenue may not be sufficient to prevent workers from claiming early."
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Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
