Social Security will remain in operation for decades to come, Commissioner Frank Bisignano predicted Monday, pushing back against concerns about the program’s long-term financial stability as millions of Americans await the announcement of their 2027 benefit increase.

“This is a long journey. It’s 90 years old. It’ll be around for another 90 years,” Bisignano said during an appearance on CNBC’s “Squawk Box.”

The Social Security Administration is scheduled to announce its 2027 cost-of-living adjustment on Wednesday, following the release of September inflation data. The annual adjustment is designed to help benefits keep pace with rising consumer prices.

The Senior Citizens League projects a 3.5% increase for 2027. If that estimate holds, it would be the fourth-largest cost-of-living adjustment since 2008. Based on August figures from the Social Security Administration, the average monthly benefit of $1,941.76 would rise by nearly $68 to approximately $2,009.72.

About 75 million Americans receive Social Security benefits. Payments increased by 2.8% in 2026, and Bisignano said recipients value the annual adjustment.

“People are very, very grateful for it, and they look forward to it,” he said.

The size of next year’s increase will depend on inflation figures used to calculate the adjustment. Annual inflation reached 3.4% in August, while the Federal Reserve Bank of Cleveland projected that the rate could rise to 3.6% in September.

Despite Bisignano’s optimism, Social Security faces a significant funding challenge. Trump administration officials have warned that the program’s Old-Age and Survivors Insurance Trust Fund is projected to exhaust its reserves in the early 2030s.

If the reserves run out before Congress enacts a solution, incoming revenue would be sufficient to cover only about 78% of scheduled benefits. That would leave lawmakers facing difficult choices over taxes, benefits and other potential changes to keep the program financially sustainable.

Members of both parties have proposed measures to address Social Security’s long-term funding gap, but Congress has yet to reach a comprehensive agreement.

President Donald Trump renewed his argument last week that investing Social Security trust fund assets in the stock market could have substantially increased the program’s wealth. Speaking at an Oval Office event promoting his administration’s investment accounts for children, Trump said he had wanted Social Security to be fully invested in stocks during the first month of his first year in office.

“Had we done that, Social Security right now would be the richest entity anywhere in the world,” Trump said, adding that he faced criticism from Democrats and some Republicans who considered the approach too risky.

The proposal reflects a broader debate over whether stock market investments could strengthen Social Security’s finances over the long term or expose retirement benefits to greater market risk.

For now, recipients are awaiting Wednesday’s cost-of-living announcement, while the larger question of how to secure Social Security’s finances remains unresolved.