Millions of Americans are concerned about the future of Social Security as its funds edge closer to a potential shortfall. While Stephen Nuñez, director of stratification economics at the Roosevelt Institute, says “there is no bankruptcy or collapse in the cards,” the looming funding gap has many worried about reduced payments for retirees, the disabled, and survivors of deceased workers.
Social Security Concerns
The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement benefits, is projected to run out in 2033. At that point, only about 77% of benefits would be payable. Meanwhile, Social Security’s Disability Insurance (DI) Trust Fund is expected to cover all scheduled benefits at least through 2099.
Some propose combining the two funds as a solution, but even then, the money would run out by 2034, leaving only 81% of benefits payable. A 2025 Nationwide Financial survey found that 74% of Americans worry Social Security will run out during their lifetimes.
Nuñez noted in a report, “‘Will Social Security Run Out?’ Is the Wrong Question,” that the program has faced shortfalls before. In 1981, lawmakers passed bridge funding for OASI and created a commission that led to reforms including tax increases and a gradual rise in the full-benefit retirement age.
How Benefits Could Be Affected
If lawmakers do not act, Social Security could see:
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Benefit cuts
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Prioritization of payments to the most vulnerable
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Payment delays
Alicia Munnell, senior advisor at the Center for Retirement Research at Boston College, said, “Even if nothing is done, people will continue to receive the bulk of their benefits.”
The size of future reductions will vary. According to the Committee for a Responsible Federal Budget:
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High-income couples could see cuts of around $24,400 annually
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Typical single-earner couples might face a $13,800 reduction
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Dual-income couples could lose about $11,200 per year
How to Prepare
Americans can take steps to protect themselves from potential Social Security reductions:
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Increase contributions to 401(k) or IRA accounts
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Delay retirement to claim full benefits at age 67 (for those born in 1960 or later)
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Retirees can reduce spending or rely on existing retirement savings
While the future of Social Security depends on lawmakers, planning ahead can help individuals minimize the impact of any potential benefit changes.
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