Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTVishesh RaisinghaniSat, June 20, 2026 at 12:05 PM GMT+2 6 min readMoneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.With the Social Security trust fund heading for depletion in just six years, according to the Committee for a Responsible Federal Budget (1), there’s a growing flurry of policy suggestions to fix the problem before it’s too late. But for an overwhelming majority of seniors, one potential solution to the problem stands out above all the rest: raise taxes on younger Americans.A whopping 89% of seniors over the age of 65 said Social Security benefits should be protected at current levels, even if it means higher taxes on younger Americans, according to a 2025 survey by the Cato Institute (2).Top PicksDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAPJP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority GoldThe ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100And it’s not just Baby Boomers who prefer this solution. Roughly 74% of 45 to 54-year-olds and 84% of 55 to 64-year-olds said the same. Simply put, you’re more likely to prefer higher taxes on workers if you’re closer to the end of your working years.Perhaps unsurprisingly, workers on the other end of the age spectrum have another idea: benefit cuts. “Younger Americans are nearly eight times more likely than seniors are to support benefit cuts to help solve the financial problems in the Social Security system,” Cato noted.Here’s a closer look at how this generational divide could impact your benefits and taxes.The gerontocracy’s impact on your financesSince there’s a clear generational divide over potential fixes to the Social Security system, the group with more political clout is more likely to get its way. And in 2026, the balance of power clearly tilts towards older Americans.The median age of U.S. voters is 52, according to the New Yorker Magazine’s post on Threads (3). For primaries, the median age is even higher: 62. “The oldest voters ordain the choices for the rest of us,” according to the publication.This is also reflected on Capitol Hill. In Congress (4), the average age of Members of the House is 57.9, while the average age of Senators is 63.9. Donald Trump himself is 80, making him one of the oldest national leaders in the world, according to Pew Research (5).Simply put, the system is looking increasingly like a gerontocracy, or a society where decisions are made by its oldest members. The fear here is that those in this bracket will make choices that benefit themselves, while leaving young people behind. This could be reflected in policies that stretch far beyond just Social Security, and has been raised as an issue by some experts.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info