Will Social Security Run Out Of Money Soon?
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In this podcast, Rusty tackles the question “Is Social Security running out of money?” Rusty explains that the answer isn’t simply, but he provides an easy to understand perspective.
Dear Rusty: I’m concerned about Social Security running out of funding, since I rely on it for my income and I’m at an age where my having to go back to work is not an option I can consider. The job market for people my age is slim. I’ve been reading reports and it doesn’t sound reassuring. Your thoughts? Signed: Concerned Senior
Rusty’s answer in brief
Since about 2020, Social Security’s income has not covered full benefits, so the trust fund reserves are being drawn down: from nearly $3 trillion in 2020 to about $2.56 trillion at the end of 2025. Without reform, they run out in 2032, which would cut everyone’s monthly benefit by about 22%.
Congress is now holding serious, bipartisan talks on reform, and AMAC has given lawmakers and the SSA Commissioner its own plan to restore solvency. Rusty expects Congress to act in time to avoid any cut.
This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at SSAdvisor@AmacFoundation.org.