Administration officials warn Social Security may run out by 2034 and say its future hinges on congressional reforms, with all options on the table.
“I think everything’s being considered, will be considered,” Social Security Administration Commissioner Frank Bisignano said on “Mornings with Maria” Thursday.
Bisignano was responding to host Maria Bartiromo, asking whether he “would consider raising the retirement age.” He later issued a statement to Fox News Digital clarifying the administration’s stance: “Remember, most people told you and me Social Security wasn’t going to be around. And so the generations that are coming in will probably have a different set of rules than we had.”
Bartiromo asked if he’s weighing that younger generations face different retirement realities, as Social Security’s trust funds may be insolvent by early 2034, with the worker-to-retiree ratio dropping from 16.5 in 1950 to 2.8 in 2013. Without reform, Social Security would trigger automatic benefit cuts once its trust funds run out, reducing payments by about 24%, the Committee for a Responsible Federal Budget estimates. Trustees say closing the 75-year gap would require raising payroll taxes from 12.4% to 16.05%. When Bartiromo also asked if raising the retirement age would significantly reduce costs and aid policymakers, Bisignano replied that it was one of many possible measures that could contribute to a solution.
“It needs, really, to be the trustees, which are the four of us — myself, the Treasury secretary, the labor secretary, the HHS secretary — the White House, which is completely committed to protect and preserve Social Security, and then Congress,” he explained. “And that’s where the real work will happen. And that’ll take a while, but we have plenty of time.”
An Allianz Life study found retirement confidence falling, with only 28% of Americans certain they can meet their goals, down 13 points since 2020. Gen X worries more about market swings and Social Security, and 70% of respondents fear running out of money in retirement more than dying.
Bisignano noted other proposals include raising the contribution cap: “That number will continue to increase also, of where the max is, and that’s another thing that people put in the equation to think about. Eight years is a long time away. We’re less than 200 days into this administration, and we need Congress to partner with us.”
An SSA spokesperson further stressed the administration’s commitment, telling Fox News Digital:
“The Trust Fund trustees, Congress, and other stakeholders all play a role in ensuring that Social Security benefits will continue for generations to come. As a trustee, Commissioner Bisignano is committed to ensuring the long-term financial health of the trust funds, in line with President Trump’s pledge to protect and preserve Social Security. The latest analysis of the trust fund fails to take into account the efficiencies being spearheaded by Commissioner Bisignano and the expected economic growth due to President Trump’s One Big Beautiful Bill.”
