Social Security Commissioner Frank Bisignano said in a CNBC interview Monday that he expects the program to continue for another 90 years, but he did not outline specific changes to its benefits or funding.
The interview took place ahead of the expected announcement of the 2027 cost-of-living adjustment. Asked about potential reforms, Bisignano said decisions would ultimately involve the White House, Congress and the program’s trustees. He also said the Social Security Administration had corrected about 10% of records it considered erroneous.
The trustees’ latest projection, as described in the source report, estimates that Social Security’s main trust fund could be depleted in 2032. Under current law, if the fund is depleted, benefits would be limited to incoming revenue. The trustees’ estimate cited in the report indicates that would cover 78% of scheduled benefits in late 2032.
Other estimates differ. The Congressional Budget Office projected an average reduction of 28% from 2033 to 2036, while the Committee for a Responsible Federal Budget estimated a 24% cut. These are projections, not announced benefit changes, and the source report notes uncertainty about how reductions would be carried out.
Bisignano acknowledged that questions about reform would continue but did not discuss changing retirement ages, benefits or the taxes that fund Social Security.
