Social Security Chief Frank Bisignano Says Program Will Endure for Another Nine Decades

Social Security Administration Commissioner Frank Bisignano said in a Monday interview that the entitlement program will remain viable for another 90 years, even as a key trust fund nears insolvency.

Bisignano, who also serves as chief of the Internal Revenue Service, spoke with CNBC’s “Squawk Box” ahead of this week’s announcement of the 2027 cost-of-living adjustment for Social Security benefits, which follows the latest inflation data.

As a trustee of the Social Security trust funds, Bisignano was questioned about potential reforms to secure the program’s future solvency, and he expressed confidence that the program will continue well into the future.

“This is a long journey. It’s 90 years old, and it’ll be around for another 90 years. The president has pledged to protect and preserve the program, and that’s exactly what we’re doing,” Bisignano said.

Social Security recipients may see a larger benefit boost in 2027.

Social Security Administration Commissioner Frank Bisignano predicted the entitlement program will be around for another 90 years despite financial challenges. (Mandel Ngan/AFP via Getty Images)

“We have a trust fund, so they have trustees, of which I am one. The president is committed to this cause, lives by the principle of ‘protect and preserve,’ and has made it a mandate for me,” he said.

“Ultimately, responsibility rests with the White House, Congress, and the trustees. But when you face 30 million erroneous records, the task is to clean up the system,” Bisignano added, noting that the SSA has already corrected about 10 percent of the mistaken records in the Social Security database.

When asked about possible reforms to strengthen Social Security’s finances—such as raising the retirement age—Bisignano acknowledged that questions will always arise, but he declined to elaborate on any potential changes to benefits or the taxes that fund them.

Social Security’s main trust fund is projected to be depleted by 2032, which would trigger automatic benefit cuts.

Social Security’s main trust fund is expected to reach insolvency in 2032, leading to automatic benefit reductions. (Getty Images/stock)

Social Security was established in 1935 and began paying benefits in 1937, yet over the ensuing decades it has faced mounting financial strain due to shifting U.S. demographics.

The trustees’ latest report forecasts that the program’s primary trust fund will run out of money in 2032, resulting in automatic cuts to benefits for recipients.

Once the trust fund is exhausted, the law requires the program to reduce benefits so they align with incoming payroll tax revenue. According to the trustees’ estimate, Social Security would be able to pay only about 78 percent of scheduled benefits in late 2032, which translates to an approximate 22 percent reduction.

One type of adjustment to Social Security could cut the 75‑year shortfall in half.

Social Security’s finances have been strained by the growing number of retirees relative to the workers paying into the system. (Mark Felix/The Washington Post)

Estimates of the future benefit cut vary. The nonpartisan Congressional Budget Office projects that benefits could be reduced by an average of 28 percent per year from 2033 to 2036. The CBO notes that federal law does not prescribe a specific method for these cuts, and different approaches would carry various economic and budgetary consequences.

The Committee for a Responsible Federal Budget, a nonpartisan think tank, previously estimated a 24 percent benefit reduction, which would mean a typical couple aged 60 who retires at the point of insolvency would lose roughly $18,400 in annual benefits.

Over recent decades, the ratio of workers to retirees drawing benefits has declined, worsening the program’s financial outlook.

SSA data indicate that the ratio of covered workers to Social Security beneficiaries has fallen from 41.9 in 1945 to 16.5 in 1950, 5.1 in 1960, four in 1965, and dropped below three for the first time in 2010.

The aging U.S. population has also driven up federal spending on Social Security, the largest government program, which saw a 5 percent increase in outlays during fiscal year 2026.

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