I Asked ChatGPT What To Expect From Social Security When I Retire in 2062: Here’s What It Said
Written by
Sarah Sharkey
Edited by
Rebekah Evans
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Paying for retirement expenses can add up quickly. Many American retirees plan on using their Social Security income to cover the onslaught of expenses. A survey by the Nationwide Retirement Institute found that 21% of adults age 50 or older say their Social Security income will be their only income in retirement.
Although many rely on Social Security in retirement, and many future retirees plan to rely on Social Security in their golden years, there is some doubt over the financial stability of the system. A recent report from the Social Security Administration (SSA) noted that after 2035, Social Security payments will drop to 83% of a retiree’s full benefits without congressional action.
With all of the uncertainty surrounding Social Security, it made me wonder about my own retirement plans. Although I’m still decades away from retirement, I’d like to know if Social Security will still be around for me. So I turned to ChatGPT for its take on the situation and here’s what the chatbot had to say.
ChatGPT’s Prediction for Social Security
Right off the bat, ChatGPT highlighted some of the uncertainties surrounding Social Security’s solvency.
“The Social Security trustees estimated that the Old-Age and Survivors Insurance (OASI) Trust Fund may be depleted by the early 2030s (around 2033) — possibly leading to a 23% cut in scheduled benefits unless Congress acts,” ChatGPT wrote. “If reforms are implemented, they could include raising taxes, reducing benefits, or changing the FRA — any of which would affect your benefit in 2062.”
While no legislative changes have been made yet, ChatGPT mentioned some potential reforms. These included:
- Raising the Full Retirement Age (FRA) or indexing it to life expectancy. This could mean that my FRA would be later than 67. For example, I might not be able to claim my Social Security benefits until I’m 70 or older, although this isn’t confirmed.
- Reducing cost of living adjustments (COLAs). Social Security COLAs generally increase the benefit amounts of current retirees to help their income keep pace with inflation. If COLAs are limited, that could prolong the financial solvency of Social Security, but it would mean stagnant income for current retirees.
“No specific changes for 2062 are confirmed at this time,” ChatGPT wrote. In other words, no one can predict the exact future of Social Security, even ChatGPT. While it seems likely that the system will undergo some changes in the future, it’s unclear exactly what those changes might be.
How To Plan for a Distant Retirement
Since I’m only the ripe old age of 30, retirement isn’t on my near-term horizon. Even though my retirement is decades away, ChatGPT advised me to start saving now. It also suggested that I “plan conservatively, anticipating potential reductions or changes in benefit amounts.”
In terms of taking action, ChatGPT recommended that I use Social Security’s online calculator to estimate my future benefits. It also suggested that I “stay informed about legislative developments related to Social Security funding and benefit policies.”
In order to start saving, it suggested that I get ready for retirement savings by paying off any high-interest debt and building an emergency fund. After that, it said I should invest in tax-advantaged accounts, like a 401(k), Roth IRA, traditional IRA, and Health Savings Account (HSA). Along the way, it said I should automate contributions and increase my savings as my income rises.
Overall, ChatGPT’s cautionary information points toward saving and investing more on my own to pay for a future retirement. While Social Security might be around, there’s uncertainty surrounding the details. With that, I will continue to save and invest on my own and see what happens to Social Security in the decades to come.
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