Could Social Security Be Out of Money to Pay Benefits in 2023?

In fact, the Social Security Office of the Chief Actuary indicated it would be just a few years before there was no money available to pay any benefits at all. In response to a request from several Democratic Senators who wished to explore the consequences of payroll tax elimination, the Office of the Chief Actuary determined what would happen if payroll taxes stopped being collected on Jan. 1, 2021 and collection did not resume. If payroll tax money stops coming in and is not replaced by another source of funding, Social Security would still have some income.