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SSA chief Frank Bisignano says Social Security will last 90 more years
Fox Business • • business
Key Points:
- Social Security Administration Commissioner Frank Bisignano stated that the Social Security program will remain solvent for another 90 years despite the main trust fund approaching insolvency by 2032.
- Bisignano emphasized ongoing efforts to clean up erroneous Social Security records, noting that about 10% of the 30 million incorrect records have been corrected to help preserve the program's integrity.
- The main Social Security trust fund is projected to be depleted in 2032, which would trigger automatic benefit cuts estimated to reduce payments to around 78% of scheduled benefits, or roughly a 22% cut.
- Various analyses, including from the Congressional Budget Office and the Committee for a Responsible Federal Budget, suggest benefit reductions could range from 22% to 28%, significantly impacting future retirees.
- The decline in the ratio of workers paying into Social Security relative to beneficiaries—from 41.9 in 1945 to below three since 2010—has contributed to the program's financial challenges.
