No, Social Security is not going to go bankrupt

[Quixote1818]

Maybe not going bankrupt, but you check may get smaller.


Author: Megan Loe
Published: 6:25 PM EDT May 6, 2024
Updated: 6:53 PM EDT May 6, 2024
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An annual government report released on Monday, May 6, provides new estimates on the budget outlook for Social Security, which is a federal program that provides people with an income when they retire or can’t work due to disability.

The report highlighted that Social Security’s combined trust funds, which help support monthly benefit payments to retirees and people with disabilities, are estimated to be depleted by 2035, one year later than previously projected. Social Security’s retirement trust fund alone is expected to run out in 2033.

Social Security’s funding challenges have left some people worrying about the program’s future, in part because lawmakers have warned over the years that it will eventually go bankrupt.

But, ahead of the Social Security trustees releasing their annual report, an advocacy group called Social Security Works claimed in a post on X that it’s “impossible for Social Security to go bankrupt.”

VERIFY reader Leroy also asked if “Social Security is going to end in the near future.”

THE QUESTION
Is Social Security going to go bankrupt?

THE SOURCES
Social Security Administration (SSA)
Center on Budget and Policy Priorities (CBPP)
AARP
The Congressional Research Service (CRS)
THE ANSWER
This is false.
No, Social Security is not going to go bankrupt. But the program faces legitimate funding challenges that will most likely lead to lower monthly benefit payments in the future.

Link: https://www.verifythis.com/article/news/verify/social-security-verify/social-security-not-going-bankrupt-when-trust-funds-run-out/536-0258d8bf-7f10-4218-af98-0b328a053db3