Retirement Social Security

Social Security’s Top Official Says It Will Last 90 More Years - But There’s a Catch

A top official is reassuring the public about Social Security's future.

By Paige Cerulli , Edited by Laura Hohenstein

Updated Nov. 13, 2026

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Social Security senior benefits, which help support millions of retirees each year, have been a top topic lately as warnings about the program's approaching trust fund insolvency abound. But Social Security Commissioner Frank Bisignano painted a different picture of the program with his comments on CNBC's Squawk Box on October 12. Bisignano's comments come as the pressure mounts on Congress to implement a solution and preserve program benefits.

Here's what you should know about Social Security benefits, Bisignano's comments, and what the data says.

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Bisignano's comments about Social Security

Despite talk of Social Security's insolvency, Bisignano said that he believes the program will survive another 90 years.

"This is a long journey," he said. "It's 90 years old. It'll be around for another 90 years."

Bisignano's appearance on Squawk Box occurred before the Social Security Administration (SSA) announced the 2027 cost-of-living adjustment (COLA), a calculation that helps ensure benefits keep up with inflation and retain their buying power.

"People are very, very grateful for it, and they look forward to it," he said of the COLA.

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The Social Security trust fund's insolvency

The 2026 Social Security Trustees Report brings a much graver message, highlighting the pending insolvency of the Old-Age and Survivors Insurance (OASI) Trust Fund. According to the report, the trust fund may be depleted by the fourth quarter of 2032, which is one quarter earlier than the 2025 report projected.

According to the report, once the trust fund is depleted, the program's revenue may only be sufficient to pay for 78% of total scheduled benefits, a situation that could result in an automatic benefits reduction of about 22%.

The report also indicates that the combined reserves of the OASI and Disability Insurance (DI) trust funds declined by $160 billion in 2025 to $2.56 trillion. The report projects a long-range actuarial deficit that increased from 3.82% projected in 2025 to 4.42%.

The truth behind both outlooks

Both outlooks may be true. If the OASI trust fund is depleted, the Social Security program doesn't stop functioning or cease to exist. Payroll taxes keep creating program income, and benefits continue being paid, but at a reduced level unless Congress takes action before the trust fund's depletion.

Bisignano isn't incorrect in stating that Social Security may survive another 90 years, but he's leaving out the fact that benefits might be reduced, potentially creating financial stress for retirees on fixed incomes who heavily depend on those benefits.

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What analysts say about Social Security

Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com, told Newsweek that Social Security could potentially follow the path of a restaurant that's been open for 90 years. The restaurant survives another 90 years by raising prices and shrinking portions. Social Security might survive by implementing higher payroll taxes, requiring Americans to work longer to collect full benefits, providing smaller checks, or combining those requirements.

The restaurant and Social Security survive another 90 years, but the experience is very different for customers and retirees.

Ryan predicts that solving the Social Security financial problems may involve implementing several changes, including an increase in the retirement age, fully taxable Social Security benefits for higher-income earners, an increase in the payroll tax, and a higher Social Security taxable wage base.

How reduced benefits might affect retirees

Reduced Social Security benefits could spell financial trouble for many retirees. A 2025 Congressional Research Service report found that about 19% of Americans 65 and older whose households received Social Security relied on the benefits for 90% or more of their household income in 2019. Other sources, like earnings, pension and retirement fund payments, and income from assets, help fill the remaining gap, but Social Security benefits play a major role in these households' finances.

The report also found that Social Security benefits accounted for 30% of aggregate household income for adults 65 and older.

President Trump's idea about investing Social Security funds

President Trump said he believes Social Security's funds should have been invested to maximize their return and address the program's financial shortfall.

"I wanted to ride with Social Security being fully invested in the stock market in the first month of my first year," Trump said. "Had we done that, Social Security right now would be the richest entity anywhere in the world. … I was met with tremendous criticism by the Democrats and some Republicans, because … they felt it was risky."

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Bottom line

Congress has yet to agree on and implement a solution to the pending trust fund insolvency, but there's been lots of discussion, and lawmakers have proposed numerous potential solutions. At this time, just what might happen to Social Security remains uncertain, and it's a reality that retirees and near-retirees should be aware of.

Hopefully Congress prevents any benefit cuts, but it's a good idea to plan around the 2032 timeline of potential cuts, rather than the words of reassurance being provided. Now may be a good time to stress-test your retirement plan and budget to see how you might get by if benefits were reduced.

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