Key Points – A new AP-NORC poll reveals increasing confidence among Americans over 60 regarding the future of Social Security, despite recent turmoil under Trump’s second term, including staffing cuts and administrative chaos.
-Yet younger generations have reasons to be concerned, as official projections show that by 2035, Social Security may only pay about 83% of scheduled benefits.
-Experts suggest bipartisan solutions, including raising payroll taxes or adjusting retirement ages, but political gridlock has stalled reforms.
-Without congressional action soon, younger Americans could face reduced benefits, highlighting a critical need for solutions to ensure Social Security’s sustainability beyond the next decade.
Social Security in Trouble?
A recent poll, from the Associated Press-NORC Center for Public Affairs Research, found that increasing numbers of Americans are convinced that Social Security is going to be there for them in the future.
Per an AP write-up of the poll, “about 3 in 10 U.S. adults age 60 or older are ‘not very’ or ‘not at all’ confident that Social Security benefits will be there for them when they need it, which rises from 2 in 10, from the version of the survey that was released in 2023.
While there has been a lot of chaos with Social Security so far in the second Trump Administration, including multiple interim agency commissioners and DOGE-driven cuts that have harmed customer service, it doesn’t appear that adults over 60 are in much danger of Social Security not being able to pay full benefits once they become eligible.
As for younger people, well, they might have a bit more reason to worry.
Depletion Dates
The Social Security Board of Trustees put out its 2024 report a year ago, and it found that the main Social Security Trust Funds were “projected to have enough dedicated revenue to pay all scheduled benefits and associated administrative costs until 2035,” which was a year later than the projected date of 2034 in the previous year’s report.
What happens after 2035? According to SSA, at that point, the funds would contain enough funds to “pay 83 percent of scheduled benefits.”
So no, Social Security is not going to zero soon, and Social Security will still exist at that time. Those becoming eligible then will still get the majority of their due benefits. That said, 2035 is only ten years away at this point.
What Will Happen?
The one way to make Social Security pay full benefits, starting that year, would be for Congress to somehow change the funding formula.
Per CNBC, “preventing that shortfall would likely involve trimming benefits or increasing the Social Security payroll tax.” One other possible solution is to raise the Social Security eligibility age.
While some bills have been introduced in Congress over the last few years, the issue hasn’t broken through, with the leadership of neither party putting together a plan to extend Social Security’s solvency beyond 2035.
In an op-ed published in April in The Conversation, economist Dennis W. Jansen sounded the alarm about Social Security’s eventual solvency crisis.
“I am alarmed that Democratic and Republican administrations alike have failed for more than three decades to take the actions necessary to keep its funding on track, either by raising taxes or cutting benefits,” Jansen wrote.
He also ripped the Trump Administration, for “reducing the program’s staff, sending confusing signals about changes it intends to make, and undercutting the quality of service for the people who are eligible for these benefits.”
Trump has also proposed making Social Security benefit payments exempt from federal taxes, although one model has predicted that doing so would make the trust fund run out two years earlier than otherwise.
Jansen also noted that as far back as 1990, the Social Security Trustees had predicted a depletion date in 2036.
The Brookings Institution, meanwhile, has proposed what it calls a bipartisan solution for solving the funding crisis. It’s a multi-pronged plan, which includes such ideas as raising the payroll tax and increasing the retirement age for high earners.
When Will We Hear About 2025?
The 2024 edition of the Social Security Trustees Report was released on May 9, 2024, indicating that the 2025 version of the report will likely arrive soon, although there’s a possibility that recent chaos and staff cuts at the agency have caused a delay.
SSA did, however, recently release its annual list of the most popular baby names, finding that Liam and Olivia remain the most popular names for boys and girls, respectively, in 2025.
About the Author:
Stephen Silver is an award-winning journalist, essayist and film critic, and contributor to the Philadelphia Inquirer, the Jewish Telegraphic Agency, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. For over a decade, Stephen has authored thousands of articles that focus on politics, technology, and the economy. Follow him on X (formerly Twitter) at @StephenSilver, and subscribe to his Substack newsletter.
How Much Trouble Is Social Security In?
Stephen Walker
May 13, 2025 at 6:16 am
I would simplify the Social Security tax so that there is NO CAP.
Everyone pays the SSA tax with no consideration for how much you make. If you are an extremely high wage earner or a lower wage earner…everyone pays their fair share with NO CAP. The current 2025 current SSA tax CAP is a maximum amount of $176,100 earnings on which Social Security tax is collected…leaving a tremendous amount of potential SSA tax funds ON THE TABLE! A simple plan that if the extremely high wage earners pay their fair share but are not interested in their earned benefits they can opt to pass the funds directly into the SSA Pool.
William Page
May 13, 2025 at 10:16 pm
That’s why at the age 0f 62 you should be able to work and make as much money as you want and that will fix the problem