What the Future of Social Security Means for You — and How to Plan Ahead

Social Security may look different in the future, but for most people, it’s not going away entirely. While projections show that the program’s trust fund could be depleted by 2034, that doesn’t mean your benefits will disappear. The bigger question is what you should do if nothing changes.

Here’s how you should think about Social Security in the context of your retirement plan—whether you’re 60 or 30.

What Happens If Social Security Runs Dry?

Right now, the Social Security trust funds are projected to be depleted by 2034. That doesn’t mean the program vanishes—it just means it will rely solely on incoming payroll taxes, known as Federal Insurance Contributions Act (FICA) taxes, to pay benefits. The Social Security Administration estimates that without additional action from Congress, those FICA taxes will only cover enough to pay about 80% of scheduled benefits.

“Even if there is no reform, the vast majority of benefits are not at risk to current and soon-to-be benefit recipients,” says Chris Diodato, founder of Florida-based WELLth Financial Planning. He notes that politicians from both sides of the aisle want to ensure baby boomers receive their benefits and points to bipartisan legislation such as the Social Security Fairness Act, which was signed in January 2025 and terminated rules that reduced Social Security benefits for millions of retirees, as evidence.

What to Do If You’re in Your 50s or 60s

If you’re nearing retirement, the good news is that your benefits are largely secure. “Retirees and near-retirees, in my opinion, shouldn’t be concerned about the future of their Social Security benefits,” Diodato says.

Still, it’s worth confirming your estimated benefits by creating an account at SSA.gov and checking your work history. It’s also smart to factor in other sources of retirement income, such as individual retirement accounts (IRAs) or 401(k)s, to avoid being overly reliant on Social Security.

What to Do If You’re in Your 40s or 50s

For Gen Xers and late boomers, the outlook gets a bit murkier. “Younger individuals are likely to be the losers with any Social Security reform,” Diodato says. “I would reasonably expect benefits to drop by at least 10% to 15%.”

If you’re in this age group, your plan should include saving more aggressively in tax-advantaged accounts and delaying retirement if needed. That might be manageable for desk workers, but could be harder for people in blue-collar or physical jobs. If working longer isn’t an option, building a bigger nest egg is essential.

What to Do If You’re in Your 30s or Younger

Younger workers should consider a more conservative estimate for future benefits. “I would recommend building a plan that either cuts Social Security benefits by 25% or doesn’t allow for benefits until after age 70,” Diodato says. He also points out that younger Americans aren’t having as many children, which could further shrink the pool of future contributors to the system.

Rather than panic, use this as motivation to invest early and often. Focus on building your own “three-legged stool” of retirement income: personal savings, employer-sponsored plans, and whatever Social Security may look like decades from now.

The Bottom Line

Social Security isn’t disappearing, but the version younger Americans retire with might look different. “As a millennial myself,” says Diodato, “I anticipate seeing Social Security revert to its original purpose within my lifetime—a poverty prevention program for seniors.”

That doesn’t mean you should give up on it. For most retirees, it will still be a meaningful part of their income. But you should also prepare for the possibility that your benefits may be smaller, arrive later, or cover less. Starting to plan for that possibility now, by bolstering your savings and investments, can make the difference between a strained retirement and a secure one.