Do you trust the current government to safeguard your Social Security right now? I don't.
I also have never factored Social Security benefits into our retirement plan. I realize that to some, this approach could be considered healthy skepticism, and others would tell me that it's impossible for Social Security benefits to be practically worthless in twenty years.
The State of the Union address given on March 4th, 2025, did not make the case that Social Security will remain untouched. I am especially suspicious of why the President failed to promise to protect our Social Security.
I heard a diatribe of lies about fraud in our Social Security system, followed by the proclamation that something will be done about it. And that's what has me worried. Why did he stand in front of us and tell one lie after another? What's he setting us up for?
Here's what we know to be true
According to the Summary: Actuarial Status of the Social Security Trust Funds on the Social Security Administration website:
"The projected reserve depletion date for the combined OASDI trust funds (Social Security) is 2035, a year later than in last year's report. Considered on its own, the OASI Trust Fund can pay full benefits until 2033, the same year as projected last year."
In other words, Social Security benefits will be reduced unless action is taken.
Feel free to plug and play with various solutions using the Committee for a Responsible Federal Budget The Reformer: An Interactive Tool to Fix Social Security.
You'll quickly realize that raising the recipient's age is essentially meaningless at this point. Either drastic cuts will need to occur, or we will need to increase revenues by raising the FICA tax or lifting the income cap. And there's no chance the current administration will entertain increasing revenues.
Yet the President's diatribe of insertions about millions of centenarians on Social Security is not rooted in truth. It has been addressed and debunked.
You may have seen the ABC News headline Musk misreads Social Security data, millions of dead people not getting benefits, experts say. Musk has implied 150-year-olds are getting checks but experts say he's wrong.
Why did the President perpetuate this lie debunked weeks ago?
More frightening to me is that a few weeks ago the top official at the Social Security Administration, Michelle King, stepped down after DOGE (Elon Musk) sought access to sensitive personal data about millions of Americans held by the agency.
King's replacement? Leland Dudek, a low-level employee who was being investigated for sharing unauthorized access to information with representatives of Musk's DOGE.
How you can take action
Hopefully, I have your attention; now, here are three things you can do.
Log in to your Social Security account and print your Social Security statement. Make sure your spouse does the same. Keep it filed away.
Consider that the Social Security benefits stated in your statement might be reduced. Ask your investment professional how to prepare for the worst and hope for the best.
Contact your lawmakers and demand they protect your rightful Social Security benefits.
Perhaps my worry is for not. But my inclination is always to plan, prepare, and share how you and your spouse can do the same.
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