As Social Security turns 90, what will its future hold?

The Social Security system celebrated its 90th birthday this week. In the wake of this milestone, several policy analysts and news outlets offered their thoughts on the program’s past, present and future.

The Committee for a Responsible Federal Budget (CRFB) noted that the safety net program that currently serves some 69 million Americans per month is on track to be insolvent by the end of 2032. At that time, benefits are set to be slashed by 24% for all recipients if a solution isn’t achieved. For the average retired couple, that equates to $18,400 in annual benefits lost.

CRFB, a nonpartisan and nonprofit organization based in Washington, D.C., also noted that the recently passed One Big Beautiful Bill and the Social Security Fairness Act are expected to accelerate the insolvency timeline.

Prior estimates of the program’s insolvency could also change based on the country’s rapidly growing senior demographic. Older Americans have relied upon Social Security while struggling with other wealth-building strategies and grappling with the rising costs of health care. Their overwhelming desire to age in place may also limit the efficacy of any savings or benefits.

The Center for Economic and Policy Research (CEPR) also marked the 90-year anniversary of Social Security by calling it “one of the most effective, efficient and cherished programs in American history.” CEPR, which focuses much of its work on public education, said that efforts to privatize Social Security or condemn it as “broken” are misguided.

“The fixes to assure the future viability of Social Security are fairly simple and the notion that this most efficient program can be privatized with a profit structure at a lower cost than what it currently costs the government to run is laughable,” the group noted.

A CBS News report noted that the program is expected to add 12 million more recipients in the next 10 years. But the Social Security Administration (SSA)’s ability to fully serve this population may be in jeopardy. The SSA recently cut 7,000 employees as part of the Trump administration’s widely publicized efforts to scale back the size of the federal government.

The growing chasm between the number of eligible beneficiaries and the fiscal health of the program is harming public confidence in Social Security, CBS News reported. A recent AARP survey found that only 36% of respondents have faith in the program, down from 43% five years ago.

Earlier this week, The Senior Citizens League released estimates on next year’s cost-of-living adjustment (COLA) for Social Security benefits. The group said that benefits could grow by 2.7% in 2026, up from 2.5% this year. This is line with July’s inflation reading through the Consumer Price Index. The actual COLA for next year will be announced in October.

The SSA has also been criticized for plans that would require beneficiaries to make “millions of unnecessary trips to field offices,” according to a report from the Center on Budget and Policy Priorities. This stemmed from a policy change around multifactor authentication (MFA) for beneficiaries seeking help over the phone.

The SSA told HousingWire’s Reverse Mortgage Daily that the MFA feature is “entirely optional” but encouraged for account holders who call its national 800 number.