Will Social Security Still Be Around When I Retire?

You’ve probably heard the warnings: “Social Security is running out of money.” It’s a headline that gets clicks but also sparks genuine concern. If you’re in your 30s, 40s, or even 50s, it’s fair to wonder whether Social Security will be there for you by retirement. The truth? Social Security isn’t going away—but it will likely look different. And understanding what might change can help you build a better plan.

The Reality Behind the Headlines

Let’s clear something up first: Social Security is not going bankrupt. Yes, the program is under financial pressure, and the Social Security Trust Fund is projected to be depleted by the mid-2030s if no changes are made. But even if that happens, payroll taxes will still cover about 75-80% of scheduled benefits. That means the program won’t disappear, but benefits may be reduced unless reforms are passed.

Lawmakers have several ways to strengthen Social Security. They could raise the retirement age, adjust how benefits are calculated, increase the payroll tax cap, or use a combination of approaches. These reforms have been made in the past and are likely to happen again.

The key takeaway: Social Security is not in danger of vanishing. But relying solely on it to fund your retirement isn’t a good plan. It should be one part of a broader retirement strategy.

What You Can Do Right Now
  1. Don’t Count on Social Security Alone: Social Security was never meant to be your only source of income in retirement. It’s a foundation, not a complete plan. Make sure you’re saving in retirement accounts like a 401(k), IRA, or other investment vehicles.
  2. Stay Informed, But Not Anxious: Yes, Social Security faces challenges. But that doesn’t mean you need to panic. Keep an eye on proposed policy changes and be ready to adjust your expectations, but avoid making emotional decisions based on headlines.
  3. Plan for Multiple Income Sources: Your retirement income should come from multiple places. Diversify with savings, investments, pensions (if available), and even part-time work or rental income if that fits your lifestyle.
  4. Consider Delaying Benefits: To boost your future Social Security payout, consider delaying benefits past your full retirement age. Your benefit increases each year you wait (up to age 70).
  5. Revisit Your Retirement Plan Regularly: As policies change, your plan should evolve too. Regular check-ins align with your goals, no matter what happens with Social Security.
Stay Focused on What You Can Control

Worrying about whether Social Security will change doesn’t help you prepare, but taking action does. The more you take control of your retirement planning today, the less you’ll have to worry about changes tomorrow.

At Worth Advisors, we help you build a plan that works with or without Social Security. Let’s ensure you’re set up for the future you want, no matter what changes may come.