General Discussion

Note that 'insolvency' does not mean that it will pay out nothing.

'Insolvency' means it will not meet its financial obligations. And that part is true, once the trust fund is exhausted and it has to rely on current revenues.

I'd note that currently to collect full benefits depends on your year of birth. For decades it was a flat age 65 that met that requirement. I'd have to wait until 66 years 10 months, and if I don't wait then I will never (according to the way the law behind the entitlement reads) collect the fully amount.

That was also when the expectancy of life at 65 was far lower and far fewer of us made it to 65. Altering the benefits schedule was part of retaining solvency for this long.