I Asked ChatGPT What It Would Take To Avoid Social Security Running Out of Money: Here’s What It Said

The Social Security program is projected to face a funding shortfall as early as 2033-2034. If policymakers take no action to shore up the program, Social Security may only pay roughly three-quarters of scheduled benefits.

ChatGPT said fixing the program will likely require a combination of changes rather than one sweeping solution. “Reforms could mean higher contributions for workers, slower benefit growth for retirees or both — but the alternative is an across-the-board cut for everyone,” it explained.

Here are some possible solutions, according to artificial intelligence (AI).

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Boost Revenue via Payroll Tax Adjustments

One solution ChatGPT suggested was to raise the payroll tax rate. According to ChatGPT, a 3.65% increase from 12.4% to 16.05% could close the funding gap if implemented now and restore solvency though 2099. This was also suggested in 2025 OASDI Trustees Report.

Another suggestion was to remove or raise the taxable wage cap. ChatGPT noted that only the first $176,100 of wages is subject to Social Security tax in 2025. Taxing income above that cap could close about 70% of the shortfall with no impact on mass affluent or average earnings, according to HealthView Services.

ChatGPT pointed out that this would not immediately change benefit amounts, but higher taxes on workers could indirectly affect take-home pay. “Stronger revenue means benefits are more likely to be paid in full, but they’ll contribute more during their working years,” it explained.

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Modify Benefits

Modifications could also be made to benefits in several ways.

ChatGPT said that gradually moving the full retirement age from 67 to 70 could cover about half the shortfall. This change would reflect increased life expectancy since Social Security was created, and is only expected to rise.

Today, remaining life expectance at age 65 is about 20.6 years, a 50% increase from 1940 when Social Security first paid retirement benefits, according to the Stanford Institute for Economic Policy Research. By 2050, it’s projected to increase another 1.4 years.

ChatGPT also suggested adjusting the cost-of-living adjustment (COLA) formula by switching from the current Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to a chained Consumer Price Index (chained CPI). The chained CPI grows more slowly because it accounts for changes in consumer buying habits when prices rise. This change would reduce the size of annual benefit increases and help save the program money over time.

The Social Security Administration could make target benefit reductions for higher-income future retirees to reduce the solvency gap by 20% to 40%, ChatGPT said, citing information from the Committee for a Responsible Federal Budget.

COLA changes could mean smaller annual increases for current recipients, while future recipients would need to work longer to receive full benefits or accept a reduced monthly amount if retiring earlier.

Explore New Revenue Sources

Two alternative revenue sources could be an investment fund or additional taxes on the wealthy, such as surcharges or expanding Social Security taxes to investment income.

“A $1.5 trillion investment fund could grow over decades to support the program, but wouldn’t fix the near-term shortfall,” ChatGPT said. This would be invested over the next five years in an investment fund that would then grow over the next 70 years, The Hill reported.

While current recipients would likely be unaffected in the short-term, ChatGPT noted that future recipients would benefit from a larger, diversified funding base would keep benefit stable without major tax hikes for lower- and middle-income workers.

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