With the US national debt ballooning over $34 trillion, annual deficits projected to average $2 trillion for the next 10 years, and debt servicing demanding a growing share of the federal budget, US fiscal policy needs urgent and comprehensive debt reduction and reform. Saving Social Security is an important part of this effort.

Social Security composed 21% of the US federal budget and supported 66 million Americans in 2023. Yet, this program faces looming financial challenges driven by shifting US demographics. Social Security benefit costs have exceeded payroll tax revenues in each year since 2010. The program’s trust fund, which fills those annual gaps, is now projected to be depleted by 2033. 

Without action, all beneficiaries will see their benefits cut 23% automatically, doubling the number of older Americans in poverty, or the funds to cover the shortfall will come from the federal budget general funds, sharply increasing even further US deficits and national debt.

Policymakers have numerous options for reforming Social Security to save the program for current and future generations. While past efforts to reform entitlements have faced obstacles, Congressional leadership, political will, and collaboration with private-sector leaders are required to craft a feasible reform package. Further delay will only raise the stakes of reform, which will be required within the next decade.

By attending, you will learn: 

• What role Social Security plays in Americans’ retirement planning.
• What impact Social Security has on the federal budget.
• How changing demographics are playing a central role in threatening the viability of the Social Security program.
• What political and messaging challenges confront entitlement reforms.
• Which options are available to reform the program to save it for current and future retirees.
• How a package of reforms are needed to stabilize the program’s financial trajectory while also accounting for the impact of changes on segments of American retirees.
• How a reform package should be messaged to gain support from political leaders and the public.