The Future of Social Security Most young people are concerned about whether Social Security will be there for them in the future. The current projection about the future of Social Security is that the program will begin spending more money than it takes in starting in 2015. At that point, Social Security money will have to be drawn from the Trust Fund. However, because so much has been borrowed from the Trust Fund, it is projected to be depleted by 2037. Borrowing from the Trust Fund is not the only factor that makes the future of Social Security look bleak.
Demographics also play an important role.
For example, when the Social Security program was first implemented, there were over 40 workers paying into the system for every person drawing benefits. Today, there are 3.4 workers per retiree. By around 2030, there will be only two workers paying into the system for every one receiving benefits. Simple math suggests that there will be much more money going out of the system in the future than workers are able to pay into the system. The only way to change this situation is to fundamentally reform the current system by cutting benefits, changing the eligibility age or by increasing FICA taxes.