Scott Galloway Says When Social Security Goes Insolvent, Grandparents Will Put Their Retirement on The ‘Grandkids' Credit Cards’

retirement plans (Credit: Photo: mayu85/shutterstock)

Jeannine Mancini

Tue, September 15, 2026 at 5:45 PM GMT+3 6 min read

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For millions of Americans, Social Security is supposed to be the dependable part of retirement. But NYU Stern professor and podcast host Scott Galloway has a much less comforting picture of what happens if the program runs out of money: Grandma and Grandpa may end up leaning on the next generation to keep the lights on.

"Since 1957, the share of Americans who are 65 and older has nearly doubled from 9% to 17%," Galloway wrote in his "No Mercy / No Malice" newsletter in June 2025. He went on to point to the growing cost of Social Security and the demographic pressures weighing on the program.

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A Retirement Program Facing A Math Problem

Galloway wrote that Social Security, which serves tens of millions of Americans, was projected to run out of money within years, with more Americans reaching retirement, people living longer and a shrinking share of the population working all putting pressure on the system.

Then came the line that turned a complicated policy problem into a very relatable family one.

"If/when Social Security becomes insolvent, America's grandparents will likely put their retirement on their grandkids' credit cards," Galloway wrote.

His point wasn't that Social Security recipients would literally start charging groceries to their grandchildren's credit cards. Rather, he was warning that younger Americans could ultimately shoulder more of the financial burden if benefits and the program's funding aren't addressed.

Galloway also laid out potential fixes, including means-testing benefits and raising the retirement age, with an exemption for people in physically demanding professions.

The issue is already a major concern for retirement planning. Social Security can be an important source of income, but relying on it as the entire retirement plan leaves little room if benefits are reduced or the rules change.

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Building A Retirement Plan That Doesn't Depend On One Check

If Galloway's warning has anyone wondering whether their retirement plan would hold up without Social Security, that's probably worth looking at now — not when retirement is five years away. A financial advisor can help take a closer look at how much is saved, where that money is invested and how much retirement income would actually be needed.

AdviserMatch can help make that conversation easier by connecting people with participating financial advisors based on their financial situation, location and the type of guidance they're looking for. For someone who has spent years assuming Social Security will fill the gap, having an advisor run through the numbers could be an eye-opening exercise.

That doesn't mean Social Security is going away, or that anyone needs to overhaul a retirement portfolio because of one prediction. But it does make a good case for having a plan that doesn't depend entirely on one government program. The more sources of retirement income someone has, the less a future change to Social Security could upend the plan.

Galloway's warning may sound dramatic, but the underlying point is pretty simple: retirement is a lot easier to manage when the plan doesn't depend on everything going exactly right.

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This article Scott Galloway Says When Social Security Goes Insolvent, Grandparents Will Put Their Retirement on The 'Grandkids' Credit Cards' originally appeared on Benzinga.com