Social Security Chief Backtracks On Raising Retirement Age As Funds Near Crisis – Financial Freedom Countdown

Social Security Commissioner Frank Bisignano ignited controversy Friday after suggesting that raising the retirement age could be considered as part of future entitlement reforms. In an interview with Fox Business host Maria Bartiromo, Bisignano said “everything’s being considered and will be considered” when asked if benefits could be delayed past age 67. The remark fueled immediate concern among seniors and advocacy groups.

Afternoon Walk-Back: “Retirement Age Not Under Consideration”

Just hours later, the Social Security Administration scrambled to clarify. In a statement posted on X, Bisignano insisted: “President Trump and I will always protect, and never cut, Social Security… Raising the retirement age is not under consideration.” The reversal underscored how politically dangerous even mentioning benefit cuts remains.

Trump White House Pushes Assurance

The commissioner framed the Trump administration as firmly committed to preserving Social Security. He pointed to reforms targeting fraud, waste, and abuse as ways to strengthen the program without touching benefits. But critics argue those measures are insufficient to plug the looming funding shortfall.

A Decade Until Funds Run Dry

Social Security’s trustees warn the main trust fund that pays retirement and survivor benefits will be depleted by 2033. At that point, retirees would receive only 77% of their scheduled payments. That ticking clock puts pressure on lawmakers to find solutions; and fast.

Bisignano: “Plenty of Time” to Fix the Problem

Despite dire forecasts, Bisignano told Fox Business that trustees, the White House, and Congress have “plenty of time” to hammer out a deal.

But critics counter that delaying action only makes the math harder and the politics more painful.

New Tax Break Could Worsen Shortfall

Social Security’s chief actuary, Karen Glenn, warned that the Republican-passed One Big Beautiful Bill Act could speed up insolvency.

The measure temporarily wipes out tax liabilities on benefits for older Americans, draining revenue that normally flows into the trust funds.

Glenn cautioned that the law would have “material effects” on program solvency.

Policy Proposals on the Table

To fix the funding gap, lawmakers have floated a menu of options: raise the payroll tax above its current 6.2% rate, eliminate the income cap so high earners pay more, or restructure benefits. Raising the retirement age remains the most controversial proposal, viewed by many as an indirect cut.

Any fix requires congressional approval, where the program remains a political minefield.

A bipartisan Senate group has floated creating a $1.5 trillion investment fund to shore up future benefits, but consensus remains elusive.

Few lawmakers are eager to back measures that can be spun as “cuts.”

Nearly 70 Million Americans Depend on It

Today, nearly 70 million people receive Social Security benefits. For many seniors, those checks represent their main source of income. Even small changes to benefits; or delays in addressing the trust fund shortfall; could cause real financial pain for households across the country.

The Third Rail of American Politics

If one thing is clear, it’s that Social Security is still untouchable in Washington. Bisignano’s quick retreat after a single remark proves just how radioactive the issue remains.

With the trust fund projected to run dry in less than a decade, the bigger question is whether lawmakers will act before retirees face automatic cuts.

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