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The system should stabilize at that point, but this still could have awidespread potentially devastating impacton many Americans.
This would create an increase in taxes being taken out towards Social Security trust funds, he said.
So, then, what would be the more likely scenario?
This would ensure that wealthier people are paying a more fair share towards Social Security.
Unfortunately, there is no best-case scenario yet, he said.
Anyone who proposes a fix for Social Security is demonized by their rivals.
The worst-case scenario is probably the most probable, Gilbert said.
That said, Ruggiero did suggest another possible worst-case scenario outcome for the program, and thats privatization.
There are too many risk factors to count when it comes to privatization, he said.
According to theSocial Security Administration, 70.6 million people received benefits in 2022.
Thats roughly 21% of the population.
Along with this, the average monthly benefit amount for retired workers was $1,920 in August 2024.
This would reduce the benefit amount to $1,516.
A quarter of this demographic gets 90% of their household income from Social Security.
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