Despite fears of Social Security running out, the program will not cease to exist but may face significant reductions in benefits by 2035, with the Peterson Foundation predicting a 17% cut. The aging population and a decrease in the number of workers contributing to the system contribute to financial stress on the program. Various solutions, like raising taxes or increasing the retirement age, have been proposed but lack likelihood of being enacted, especially in the context of rising national debt.
"The fund is in trouble because the nation is aging, and not enough younger Americans are coming into the workplace to keep up with the payments."
"The Peterson Foundation estimates that in 2035, benefits will be reduced by 17%. While this would be a catastrophe for some, payments will not go to zero."
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