Associated Press

Most Americans say go ahead and raise taxes if it will save Social Security benefits for future generations. And raise the retirement age, if you have to.

Both options are preferable to cutting monthly benefits, even for people who are years away from applying for them.

Those are the findings of a new Associated Press-GfK poll on public attitudes toward the nation’s largest federal program.

Social Security is facing serious long-term financial problems. When given a choice on how to fix them, 53 percent of adults said they would rather raise taxes than cut benefits for future generations, according to the poll. Just 36 percent said they would cut benefits instead.

The results were similar when people were asked whether they would rather raise the retirement age or cut monthly payments for future generations — 53 percent said they would raise the retirement age, while 35 percent said they would cut monthly payments.

“Right now, it seems like we’re taxed so much, but if that would be the only way to go, I guess I’d have to be for it to preserve it,” said Marge Youngs, a 77-year-old widow from Toledo, Ohio. “It’s extremely important to me. It’s most of my income.”

Social Security is being hit by a wave of millions of retiring baby boomers, leaving relatively fewer workers to pay into the system. The trustees who oversee the massive retirement and disability program say Social Security’s trust funds will run out of money in 2033. At that point, Social Security will only collect enough tax revenue to pay 75 percent of benefits, unless Congress acts.

Lawmakers from both political parties say there is a good chance Congress will address Social Security in the next year or two — if the White House takes the lead. Yet so far, Social Security has not played a big role in the presidential election.

In previous polls, Democrats have typically scored better than Republicans on handling Social Security. But the AP-GfK poll shows Americans are closely divided on which presidential candidate they trust to handle the issue.

47 percent said they trust President Barack Obama to do a better job on Social Security, and 44 percent said they trust his Republican opponent, Mitt Romney. The difference is within the poll’s margin of sampling error.

Romney has said he favors gradually increasing the retirement age, but he opposes tax increases to shore up Social Security. For future generations, Romney would slow the growth of benefits “for those with higher incomes.”

Obama hasn’t laid out a detailed plan for addressing Social Security, but during the 2008 campaign, he called for applying the Social Security payroll tax to wages above $250,000. It is now limited to wages below $110,100, a level that increases with inflation.

Obama says any changes to Social Security should be done “without putting at risk current retirees, the most vulnerable or people with disabilities, without slashing benefits for future generations and without subjecting Americans’ guaranteed retirement income to the whims of the stock market.”

About 56 million people get Social Security benefits. Monthly payments average $1,236 for retirees.

Retirees now can qualify for full benefits at age 66, a threshold that is rising to 67 for people born in 1960 or later.

About three-quarters of the public believe Social Security is an important issue, though there is no consensus about whether people will be able to rely on it throughout their retirement. Only 30 percent said it was very likely or extremely likely they will be able to rely on Social Security.

Among people younger than 35, just 20 percent believe Social Security will provide income throughout their retirement, while 55 percent of people 65 and older said the same.

The poll involved landline and cellphone interviews with 1,006 adults nationwide. Results for the full sample have a margin of sampling error of plus or minus 3.9 percentage points.