Social Security’s biggest problem isn’t a design flaw. It’s a missing trust fund.

The Social Security Trust Fund's reserves are projected to become depleted in 2033, according to the program's trustees, after which incoming payroll taxes would cover approximately 80 percent of scheduled benefits. Policymakers have proposed multiple approaches to address the funding gap, including adjusting payroll tax rates, modifying benefit formulas, raising or eliminating the payroll tax cap on earnings, or some combination of these measures. The Congressional Budget Office has analyzed various reform scenarios that would extend the trust fund's solvency beyond current projections. No legislative action on Social Security funding has been enacted as of 2026.

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