Social Security is on track to be insolvent in less than 10 years — but its commissioner says there’s ‘plenty of time’ to find a solution

Social Security Commissioner Frank Bisignano says there’s “plenty of time” to fix the program’s funding woes — even though its trustees have warned insolvency is less than 10 years away.

During a “Mornings with Maria” segment on the Fox Business Network, Bisignano told host Maria Bartiromo that Social Security’s trustees, the White House and Congress must come together to find a solution.

“It needs, really, to be the trustees, which are the four of us — myself, the Treasury secretary, the Labor secretary, the HHS secretary — the White House, which is completely committed to protect and preserve Social Security, and then Congress,” he told Bartiromo. “And that’s where the real work will happen. And that’ll take a while, but we have plenty of time.”

Yet the Social Security trustees’ reports argue otherwise.

The Old-Age and Survivors Insurance trust fund, which pays out retirement and survivor benefits, is expected to run out of money in 2033 — at which point the fund would pay out only 77% of scheduled benefits, the Social Security and Medicare Boards of Trustees reported in June. The Disability Insurance trust fund, which pays out disability benefits, is not expected to go insolvent until at least 2099.

See: Social Security’s commissioner says younger generations may have a different set of rules. Should Gen Z even plan for it?

Social Security’s chief actuary, Karen Glenn, also issued a warning that the insolvency dates could be sped up because of the passage of Republicans’ One Big Beautiful Bill Act this summer, which included a temporary enhanced deduction for older Americans that could eliminate any tax liabilities they have on their benefits.

“Because the revenue from income taxation of Social Security benefits is directed to the Social Security and Medicare trust funds, implementation of the OBBBA will have material effects on the financial status of the Social Security trust funds,” Glenn wrote in a letter to Sen. Ron Wyden, an Oregon Democrat who requested the analysis.

There are typically six trustees: the Social Security commissioner, the secretary of the Treasury, the secretary of health and human services, and the secretary of labor, plus two public trustees whose seats are currently vacant.

Some of the proposals that have floated around Washington to address the financing issues include raising the retirement age, which is currently 67 for anyone born in and after 1960; raising the payroll tax, which is currently 6.2% for employees and 6.2% for employers; eliminating the income cap, which would require more high earners to pay into the system; and adjusting what benefits are available.

But Social Security is a difficult subject to broach in Congress, and constituents are sensitive to any changes that happen to the program. The Social Security Administration pays out benefits to nearly 70 million beneficiaries, and for many, it is a major source of income in old age.

Read next: Is it true than I need one more Social Security credit to receive benefits? If so, I’ll have to go back to work.