The news about the Social Security trust funds has been dire for years. As lifespans lengthen, many retirees now claim benefits far longer than they did in the past, and there are not enough workers paying into the program to keep the system sustainable as currently structured.
In 2033, the Old-Age and Survivors Insurance Trust Fund, which pays out retirement benefits, will run dry. It could stretch out another year if it’s combined with the Social Security Disability Insurance Trust Fund, but that would require an act of Congress. Given the program’s “significant financing issues,” as the 2025 Social Security Trustees Report puts it, workers may wonder if it would be better to simply scratch out Social Security benefits from their retirement plan.
Finance experts, however, say there is no need to do that just yet.
—
### Congress Will Fix Social Security. Eventually.
To address the looming shortfall in the Social Security program, Congress will need to take action to either boost funding or reduce benefits. So far, legislative members haven’t had the political will to do either.
“If Congress doesn’t do something, they are kicking the can down the road,” says Mark Cunningham, a registered Social Security analyst and principal agent with Aspen Financial and Insurance Solutions. He doesn’t think that will happen though. “With the current administration, I don’t think they are going to hide and watch.”
However, if the proverbial can is kicked down the road, the Social Security retirement trust fund will be depleted in 2033, according to the most recent analysis.
“At that point, it doesn’t necessarily mean that Armageddon is going to happen,” says Nick Hughes, a certified financial planner and accredited investment fiduciary with Visionary Horizons Wealth Management in Chattanooga, Tennessee.
Social Security payments won’t cease once the trust fund is empty. Instead, the program will continue to make payments using tax revenues as they come in. According to current calculations, that means retirees will receive about 77 cents for each dollar they are owed in 2033.
But Hughes agrees it is unlikely to get to that point. “Just about everyone is impacted because you have a family member getting Social Security,” he says. That will put pressure on legislators to address the problem.
While Hughes isn’t sure whether action will be taken in the near future, he does think Congress will make changes to the system before the trust fund becomes insolvent.
—
### Older Workers Should Still Plan for Social Security
The question remains whether workers should still plan for Social Security benefits as part of their retirement plan.
“I think they should,” says Keith Fenstad, director of wealth planning at Tanglewood Total Wealth Management in Houston. “If you are within 10 years of receiving benefits, that seems like a reasonable expectation.”
Although financial experts believe changes may be coming to Social Security, they generally think those won’t affect workers who are close to retirement age. Rather, when Congress does act, it will phase in adjustments, as was done with the 1983 overhaul of the system.
As a result, workers who are age 50 and older may expect that Social Security will be available and pay out under its current terms once they retire.
“We play by the rules we have,” says Michael Foguth, president of Foguth Financial Group in Brighton, Michigan. He thinks there is little chance at this time that older workers will retire under a different set of rules.
—
### Younger Workers May Want to Save More
The outlook is different for Gen Z workers who are just entering the workforce.
“The math is a little different,” Hughes says. “(Benefits) might not be as robust for younger workers.”
That reflects the opinion of many financial advisors who think that when Congress does get around to updating the Social Security system, changes will apply only to those who are still decades away from retirement. For instance, the eligibility age for claiming retirement benefits may be pushed back for those born after a certain year.
The good news is that younger workers, and Gen Z in particular, have plenty of time to save and prepare for potential changes to their Social Security benefits.
“We have so much runway ahead of us,” Fenstad says. “The younger person has the biggest advantage in that they have the most time.”
He advocates for an “eyes wide open” approach to retirement planning in which people understand potential risks and take appropriate steps to address them. For younger workers, that means saving more but avoiding trendy investments like meme stocks and cryptocurrency. Aiming for “base hits” instead of “home runs” is a better way to invest for the long term, according to Fenstad.
At the same time, Cunningham advises younger workers to use some cash for aggressive growth investments to help their money stay ahead of inflation. Saving for an annuity, which offers guaranteed lifetime income, may be another way younger workers can prepare for potential changes to Social Security.
—
### Social Security Might Look Different — So Might Retirement
No one has a crystal ball, but everyone seems to agree that Social Security won’t be able to continue indefinitely as it is currently structured.
“It’s not that Social Security will go away, but what will it look like?” Cunningham says.
There are many ways to fix the funding shortfall in the program, from changing the retirement age to increasing FICA taxes.
“It just depends on what Congress wants to bite on.”
Foguth thinks it’s likely that the wage cap for payroll taxes will be increased. “It’s a pretty low threshold right now,” he says. In 2025, only the first $176,100 of a person’s earnings is subject to the payroll taxes that fund Social Security.
Social Security might not be the only thing that is changing for younger workers.
“This idea of retirement is going away,” Hughes says. “I think retirement for the younger generation will look a lot different.”
He thinks younger workers may be inclined to work longer, even into their 70s or 80s, if their health allows. In that case, Social Security may become less crucial to their financial well-being.
—
*Related Articles:*
– [10 Places to Retire Abroad on Social Security Alone](#)
– [Is It Possible to Live on Social Security Alone in 2025?](#)
– [4 Reasons Your Social Security Payment Is Delayed and What to Do About It](#)
https://wtop.com/news/2025/10/should-you-plan-for-a-retirement-without-social-security-heres-what-the-experts-say/
