Experts Warn Social Security Risks Major Cuts, Unsustainability Ahead

Experts and prominent figures are issuing strong warnings about the future of Social Security, highlighting concerns over its sustainability due to demographic shifts and funding shortfalls. Kevin O’Leary advises Americans not to rely solely on Social Security for retirement, emphasizing the importance of personal savings, 401(k)s, and IRAs, as Social Security benefits alone are insufficient for a comfortable retirement. He also cautions that the program's underlying math is unsustainable as fewer workers support a growing retiree population. Similarly, economist Dennis W. Jansen warns that Social Security's trust funds could be depleted by 2035, urging policymakers to address the issue through measures such as tax increases or benefit cuts. NYU professor Scott Galloway advocates for means-testing benefits, suggesting that wealthier retirees should not receive payments, in order to improve the program's solvency. Collectively, these viewpoints stress the need for both systemic reform and individual financial planning to ensure retirement security.