Will Social Security be able to keep paying benefits?

Social Security Matters

Dear Rusty: What would happen to older Americans if the nation ever lacked enough money to pay monthly Social Security benefits? I am 78, and Social Security is my only source of income. Signed: Worried Senior

Dear Worried Senior: Try not to worry. The government will not simply run out of money for Social Security benefits. As long as people continue working and paying into the system, the program will always have at least some revenue to fund benefits. The financial concern you are hearing about involves reports that Social Security faces funding pressure that could become serious in the coming years.

The main issue is this: if the Social Security trust fund reserves, now roughly $2.5 trillion, are exhausted, monthly benefits for everyone would have to be reduced. Current projections from the trustees point to a cut of about 22% beginning in fall 2032. That would happen only if Congress fails to act before the trust fund is depleted. In our view, that outcome is unlikely unless lawmakers fail completely in their duty to seniors and their dependents. It is an unpleasant possibility, but not one we believe is likely to occur.

At the AMAC Foundation, we are working actively to help prevent the trust fund from being depleted. We expect Congress will eventually take steps to avoid any reduction in monthly benefits. Allowing those cuts to happen would be politically disastrous for Congress and any president, and it would sharply worsen poverty in the United States. As we have said publicly, we have already предложed a common-sense approach to restore Social Security to long-term solvency, and we are working with Congress and the Social Security Administration to advance the needed changes. More details on AMAC’s plan are available at AMAC’s Social Security Guarantee page.

So while your concern is understandable, we believe it is very unlikely that you will see a reduction in your monthly Social Security income. We remain committed to preventing that outcome and will continue urging Congress to make the necessary changes before the trust fund is fully depleted.

“Ask Rusty” offers straightforward guidance on Social Security from the Association of Mature American Citizens. To submit a question, visit amacfoundation.org/programs/social-security-advisory or email [email protected].