According to the Social Security Administration and Congressional Budget Office, Social Security will use up their reserve to pay benefits in 2034 if nothing is done to replenish funds.
However, government organizations aren’t the only ones studying the numbers. According to Elizabeth Buchwald of MarketWatch, Morgan Stanley looked at the numbers and sees a different outcome.
Based on the work force numbers for Generation Z (born after 1997)., Morgan Stanley believe the trust fund may extend to 2062. It is their contention this labor force is larger than the government is forecasting.
Suggestion for changes to improve the longevity of the Social Security Trust fund include:
- Raising the taxable maximum for Social Security contributions ($132,300 for 2019)
- Raise the retirement age
- Decrease the benefits
- Some type of means testing
Any change requires Congressional action.