Here’s how to fix the looming Social Security shortfall

The Social Security Board of Trustees has warned that the program will be able to pay 100% of scheduled benefits until the fourth quarter of 2032. After that, the Trust Fund will run out of money, and the program will only be able to pay out about three-quarters of the benefits promised. This imminent shortfall is not surprising, as the Social Security Administration has been forecasting it for at least 16 years.

The government's refusal to propose solutions before the Trust Fund runs out is one of the main reasons for the widespread discontent among actuaries, people planning to retire soon, and Uncle Leo. While there are several possible fixes for the Social Security shortfall, each one has the potential to anger various groups, which is why real proposals for solving the problem may not appear until we are very close to the deadline.