Six years until BIG decisions needed on social security. (*But not one word in NC’s 2026 US Senate race.*)
We’ve all been told that social security is slated for a major do-or-die episode around 2032. We’re electing a new US senator here in 2026 who will likely serve us in DC through that important year. We all know how important social security is. Whoever wins in November will have a vote on the program’s future. So, why aren’t we talking about it?
Here’s some insight on social security and its future from the folks at CNBC:
Social Security, the federal social insurance program that millions of Americans rely on for income, faces a shortfall in funding it counts on from its trust funds.
But that doesn’t mean the program is going bankrupt or will be entirely unable to pay benefits
“There is no bankruptcy or collapse in the cards,” Stephen Nuñez, director of stratification economics at the Roosevelt Institute, writes in new researchtitled, ”‘Will Social Security run out?’ is the wrong question.”
Surveys show many Americans are worried about Social Security’s future, and experts say this may inform their decisions about claiming benefits, one of the most important financial decisions in retirement. Concerns about the program’s future may prompt people to claim benefits earlier — which reduces their monthly checks and, in turn, may weaken their retirement security.
Almost three-quarters of Americans — 74% — said they worry Social Security will run out in their lifetimes, according to a 2025 Nationwide Financial survey of 1,812 adults.
Another 2025 survey from the Cato Institute found 30% of respondents don’t believe Social Security will be there for them when they retire, while 70% expect benefits to face future cuts. The libertarian think tank polled 2,000 Americans ages 18 and over.
Americans can assume that Social Security will be there for them in some form, Nuñez told CNBC.com.
“The word ‘bankruptcy’ used with the program doesn’t really accurately describe what’s happening,” he said.
Other retirement experts have similarly argued that the term “bankrupt” does not accurately describe Social Security’s funding predicament.
“Even if nothing is done, people will continue to receive the bulk of their benefits,” Alicia Munnell, senior advisor at the Center for Retirement Research at Boston College, wrote in May. […]
In less than 10 years, government projections show, the Social Security trust funds used to help pay benefits will be depleted. The trust funds, which are invested in Treasury securities, are excess money reserves that were not used to pay benefits.
Recent legislation enacted by lawmakers has made the program’s financial issues more imminent. That includes the Social Security Fairness Act, which increased benefits for certain public pensioners, and the “big beautiful bill,” which reduces tax rates seniors pay.
In particular, the fund dedicated to retirement benefits may run out by late 2032, according to the latest estimates from the Social Security Administration’s chief actuary. If Congress does not act, beneficiaries may face an estimated 24% benefit cut.
Notably, benefits would still be payable, as the program would have money coming in from payroll taxes.
If the program reaches that depletion date without congressional action to reform the program, there are several ways benefits may be affected, depending on the interpretation of the law, Nuñez said. Among the possibilities include an across-the-board benefit cut, prioritization of payments to the most vulnerable beneficiaries or staggering full benefit payments on a delayed schedule.
