The "surplus" is in special-issue government bonds that will have to be redeemed out of the general fund.
In other words, either the Feds will have to borrow, starve another program of funds, or raise taxes.
The way that the politicians over the decades (starting with Democrats, continuing with Republicans) handled this, they convinced an entire generation to vote for a massive stealth tax increase on their children and grandchildren.
The first shortfall of current year SS receipts (to meet payouts) was in 2010. I believe it was $30 billion the government had to make up. 2011 will be worse due to the economy, but the SS shortfalls are still tiny compared to the spending on numerous other programs.
There is time to reform SS, to made it sound and to give participants more control over part of their contributions.
And it still amazes me that we hear no discussion of reforming and looking for savings in this $950 billion annual payout for welfare and other support programs. I guess that would be "balancing the budget on the backs of the poor.
Is $950 Billion Per Year Enough?
But that $950 billion is not looking to the future. That's being paid out this year and will be more next year.