Social Security Chief Frank Bisignano Says Program Will Last Another 90 Years, Says Trump Has Promised to ‘Protect and Preserve’ It, Ahead of 2027 COLA Announcement

Social Security Administration (SSA) Commissioner Frank Bisignano said the program will be around for another 90 years as it faces long-term funding concerns.

Bisignano made the remarks Monday during an interview on CNBC’s Squawk Box, ahead of the announcement of Social Security’s 2027 cost-of-living adjustment (COLA).

"This is a long journey. It’s 90 years old, and it’ll be around for another 90 years," Bisignano said. "The president has promised to protect and preserve and that’s what we’re doing."

Social Security Faces 2032 Funding Deadline

Bisignano said the administration is focused on protecting the program and improving the SSA’s operations. He said the agency had identified 30 million erroneous records and had cleaned up about 10% of them.

When asked about raising the retirement age and other possible reforms, Bisignano did not endorse a specific change. He said decisions would ultimately involve the White House, Congress, and the program’s trustees.

Social Security’s main trust fund is projected to deplete its reserves in 2032. At that point, continuing income would cover 78% of scheduled benefits, potentially resulting in a 22% reduction if lawmakers do not act.

The funding outlook remains a central issue as the government considers how to preserve benefits for future retirees.

2027 COLA Announcement Approaches

Bisignano said the upcoming cost-of-living adjustment is part of the administration’s effort to protect Social Security. The annual adjustment is intended to help benefits keep pace with inflation.

Boston University economist Laurence Kotlikoff estimated the 2027 COLA at 3.4%, while AARP projected 3.6%. The official adjustment is expected Wednesday following the release of September inflation data.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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