To avoid the bankruptcy of the U.S. Social Security Fund in 2034, the Trump administration is considering raising the U.S. retirement age.

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The Trump administration is considering raising the Social Security retirement age to avoid the program facing a bankruptcy crisis in 2034.

On September 19, Frank Bisignano, Commissioner of the U.S. Social Security Administration, was interviewed by the media. When asked whether raising the retirement age was under consideration, Frank Bisignano responded:

I think all options are being considered and will be considered.

Frank Bisignano emphasized that preventing the depletion of U.S. Social Security funds requires the collective efforts of the Trump administration and the U.S. Congress to jointly advance "real work" to realize systemic reforms.

Trust Funds Facing Bankruptcy Risk in 2034

According to data from the U.S. Social Security Administration, the two major trust funds of the Social Security program—the Old-Age and Survivors Insurance Fund (OASI) and the Disability Insurance Fund (DI)—are expected to reach bankruptcy by 2034.

One fundamental reason for the funding gap is the profound demographic changes in the United States. The dependency ratio—that is, the ratio of working individuals to retirees—has been continuously declining over the past decades.

Data shows that in 1950, an average of 16.5 workers supported each retiree. By 1985, this ratio had dropped to 3.3 to 1, and by 2013, it had further declined to 2.8 to 1.

Fewer workers are supporting more and more retirees, which has brought enormous payment pressure to the Social Security fund.

Once the trust funds are depleted, unless Congress makes improvements to the program, Social Security may automatically reduce benefits according to law to match incoming payroll tax revenues. At that time, Social Security beneficiaries will face about a 24% cut in benefits.

To bridge the enormous funding gap, policymakers face difficult choices.

According to reports, trustees of the Social Security fund predict that Congress will need to permanently raise the payroll tax rate by 3.65 percentage points in order to fill the program's funding gap for the next 75 years. This is another major solution besides adjusting the retirement age or cutting benefits.

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