Social Security Chief Predicts Program Will Last Another 90 Years

Social Security is expected to remain in operation for decades despite mounting financial pressure, according to Social Security Administration Commissioner Frank Bisignano, who made the prediction in a Monday interview with CNBC as projections show the program's main trust fund could run out of reserves in 2032.

Bisignano discussed the program's long-term future ahead of the announcement of the 2027 cost-of-living adjustment (COLA), which follows the latest inflation data. As a trustee of Social Security's trust funds, he also addressed the government's responsibility to maintain the retirement benefit system.

Bisignano, who also serves as CEO of the IRS, expressed confidence in the program's longevity while acknowledging the need to address operational problems and financial challenges.

"This is a long journey. It's 90 years old, and it'll be around for another 90 years. The president has promised to protect and preserve and that's what we're doing," said Bisignano, Social Security Administration commissioner.

He also described his role as one of the program's trustees and emphasized the administration's commitment to preserving Social Security.

"We have a trust fund, so they have trustees, which I am one of. We have a president who is committed to this and lives by 'protect and preserve' and made it a mandate to me," said Bisignano.

Bisignano said the agency is also working to correct inaccurate information in its records. He reported that Social Security had identified 30 million erroneous records and corrected approximately 10% of them.

"Ultimately, it will be the White House and Congress and the trustees. But the job, when you have 30 million records that are wrong, is fix the place," said Bisignano.

When asked about potential financial reforms, including raising the retirement age, Bisignano acknowledged that questions about changes to the program would continue. However, he did not outline specific proposals involving benefit levels or the payroll taxes that fund Social Security.

The program, established in 1935 and launched in 1937, faces growing financial pressure as the US population ages and the proportion of workers supporting beneficiaries declines.

According to the latest report from Social Security's trustees, the program's main trust fund is projected to be depleted in 2032. Under current law, Social Security would then have to limit payments to available incoming payroll tax revenue, resulting in reductions to scheduled benefits.

The trustees' projections indicate that the program would be able to pay approximately 78% of scheduled benefits in late 2032, equivalent to an estimated 22% reduction.

The Congressional Budget Office (CBO), a nonpartisan federal agency, has projected a larger average annual benefit reduction of 28% from 2033 through 2036. Its analysis noted that federal law does not specify how the reductions would be implemented, leaving different approaches with varying consequences for the economy and federal budget.

The Committee for a Responsible Federal Budget, a nonpartisan think tank, previously estimated that benefits could fall by 24%. Under that scenario, a typical couple aged 60 retiring when the trust fund becomes insolvent could lose $18,400 in annual benefits.

Social Security Administration data also illustrates the long-term demographic shift. The ratio of covered workers to beneficiaries fell from 41.9 in 1945 to 16.5 in 1950, 5.1 in 1960 and four in 1965, before dropping below three for the first time in 2010.

Federal spending figures show the program's growing fiscal significance. Social Security, the largest government program, recorded a 5% spending increase in the federal government's fiscal year 2026.