Social Security is celebrating its 91st birthday. Here’s why it’s not going away anytime soon.

The Social Security program is marking its 91st anniversary, and despite ongoing concerns about its financial sustainability, it's unlikely to go away anytime soon. The program's trust funds are projected to be depleted by 2032, but this doesn't mean that Social Security will suddenly stop paying out benefits. Instead, the program will continue to generate revenue through payroll taxes, ensuring that a significant portion of benefits can still be paid out.

The notion that Social Security will "run out of money" is somewhat misleading, as it implies a complete cessation of payments. In reality, even if the trust funds are depleted, the program will still receive income from payroll taxes, which are expected to cover around 80% of promised benefits. This is a critical distinction, as it suggests that Social Security will continue to play a vital role in providing financial support to retirees, even if its financial structure requires adjustments.

Looking ahead, the key issue is how policymakers will address Social Security's long-term financial sustainability. With the program's 2032 deadline looming, lawmakers will need to consider potential solutions, such as raising the payroll tax rate, increasing the retirement age, or adjusting benefit formulas. As the program continues to evolve, it's essential to monitor these developments and assess their potential impact on the currency and broader financial markets.

Originally reported by marketwatch.com. CurrencyNews adds analysis for finance & markets readers.