Social Security Chief Predicts 90 More Years as 2034 Shortfall Threatens 17% Benefit Gap
Updated
Updated · Spectrum News · Oct 12
Social Security Chief Predicts 90 More Years as 2034 Shortfall Threatens 17% Benefit Gap
3 articles · Updated · Spectrum News · Oct 12
Summary
Frank Bisignano said Social Security will be around for another 90 years, even though the program’s latest trust fund report projects it can pay only 83% of scheduled benefits in 2034.
The funding gap reflects lower birth rates, reduced immigration and weaker trust fund revenue after Trump’s One Big Beautiful Bill Act, while Bisignano said operational fixes are still underway.
30 million records have been cleaned up, Bisignano said, but he declined to outline solvency remedies and said the White House, Congress and trustees will have to decide them.
Wednesday’s 2027 COLA announcement is expected to show a 3.6% increase—about $75 a month for the average retired worker—after energy-driven inflation pushed the 2026 adjustment to 2.8%.
About 71 million Americans receive Social Security, and budget analysts and fiscal watchdogs say lawmakers should move quickly because delayed action could leave retirees facing cuts of roughly 22% within the next decade.