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It is Time for the Government to Get Serious and Work to Keep Social Security Solvent! - Newsweek
The expected insolvency date for Social Security is 2032, according to the 2026 Social Security Trustees Report.
Social Security is not facing bankruptcy, as it can never go bankrupt as long as people are working and paying into Social Security. However, Social Security was set up as a self-financing program. It has no authority to request additional revenue to pay full benefits once the trust funds are depleted. This means benefit payments must be cut for both current and future retirees. Currently, Social Security benefits are estimated to be cut by approximately 22%.
The Congressional Budget Office (CBO) estimates the number of people 65 or older will increase by 15% between 2027 and 2036. Currently, about 77 percent of all beneficiaries receive an average benefit of $ 2,088 per month. A 22 percent reduction would reduce that amount by $459 per month, to $1,629.
Grulia Carbonaro has written an article on this very important topic. She also discusses some of the ideas put forward to keep Social Security Solvent.
AMAC's Social Security Guarantee has been given to the SSA for consideration.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.