Frank Bisignano, commissioner of the Social Security Administration (SSA), expressed confidence on Monday that Social Security will remain robust for another 90 years. Speaking on CNBC’s ‘Squawk Box,’ he stated, This is a long journey. It’s 90 years old. It’ll be around for another 90 years,
emphasizing the program’s sustainability.
The SSA is set to release its annual cost-of-living adjustment (COLA) on Wednesday. This announcement follows the Bureau of Labor Statistics’ (BLS) data release on September’s inflation, measured by the consumer price index (CPI). For the current year, the SSA increased benefits for approximately 75 million recipients by 2.8%.
The Senior Citizens League projects a 3.5% COLA for 2027. This adjustment is expected to be one of the highest since 2008. Based on August data from the SSA, this would raise the average monthly Social Security benefit from $1,941.76 to $2,009.72.
Bisignano confirmed the significance of the annual COLA, saying, People are very, very grateful for it, and they look forward to it,
highlighting its importance to beneficiaries.
Earlier this year, Bisignano, along with other Trump administration officials, noted that the Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund would only cover 78% of scheduled benefits starting in the early 2030s, prompting further discussions on financial strategies.