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 programs insolvency could also change based on the countrys 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 administrations 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 years 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 Julys 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 HousingWires Reverse Mortgage Daily that the MFA feature is entirely optional but encouraged for account holders who call its national 800 number.
