When Will Social Security Run Out Of Money?

Bill Scher: “Hi, this is Bill Scher with LiberalOasis.com. When will Social Security run out of money? The answer is never, so you can be quite confident that your Social Security will be there for you when you reach 65. Some people say that is the case because the Social Security Trust Fund is scheduled to run out of money in the year 2049, but that does not mean that people will not access Social Security benefits. The trust fund is established to handle demographic shifts over time.

The very worst-case scenario, if no changes remain with the Social Security program by the year 2049, instead of having 100 percent of scheduled benefits, you would get 78 percent. But even that would actually be a larger amount of benefits than you would get if you accessed Social Security today because those benefits are expected to climb over time.

So there is no crisis in Social Security and to make sure that 100 percent of benefits are available by the year 2049, only very minor changes are needed to the program. For example, if we raise what’s known as the payroll tax cap. Right now, there is a cap on the level of income that is subject to Social Security taxes. It’s actually a flat progressive tax that allows higher-income Americans to pay a lower percentage of Social Security taxes. If we rectify that, that in and of itself would solve this very minor problem in Social Security.”

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