Talking Wealth Is Social Security Going Bankrupt?
Jan 28, 2026
Mike Piper, CPA and author of Social Security Made Simple, explains Social Security mechanics and timing in plain language. He covers trust fund projections and what benefits might look like if nothing changes. He walks through claiming strategies, spousal and survivor considerations, and the Open Social Security tool for estimating outcomes.
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Trust Fund Depletion Isn't Program Death
- The Social Security trust fund is projected to be depleted in 2034 but the program will still collect payroll taxes every year.
- Trustees project ongoing revenue will cover about 77% of scheduled benefits if Congress does nothing.
Fixes Are Political, Not Technical
- Congress can close the gap several ways like using general revenues, raising payroll taxes, or increasing the full retirement age.
- These options are straightforward actuarial fixes and would improve long-term funding projections.
Benefits Vary Widely By Earnings History
- A person with 35 years of maximum taxable earnings who waits until 70 could receive roughly $62,000 per year.
- Benefits vary widely and can be near zero for those with low lifetime earnings.
