AP-GfK poll: Raise taxes to save Social Security

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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.

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.

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.

Forty-seven 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.