Social Security, a program that millions of Americans rely on for financial security in retirement, has found itself in the middle of a heated debate and some mixed messages this week. On September 18, 2025, Social Security Administration (SSA) Commissioner Frank Bisignano appeared on Fox Business’s “Mornings with Maria” and was asked point-blank whether the Trump administration would consider raising the retirement age to help stabilize the system’s finances. His response—“I think everything’s being considered, will be considered”—set off a political firestorm and sent shockwaves through the nation’s senior community, advocacy groups, and lawmakers alike, according to reporting from Newsweek, FOX Business, and The Hill.
The context for this exchange is nothing short of urgent. The SSA’s two main trust funds—the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) funds—are projected to reach insolvency by 2034, as noted by the Social Security Trustees and cited by FOX Business and The Hill. If that happens, Social Security would be forced by law to slash benefits to match incoming payroll tax receipts, resulting in an automatic cut of roughly 21-24% for beneficiaries, depending on the estimate. The Committee for a Responsible Federal Budget and the SSA’s own trustees have sounded the alarm: absent congressional action, the future of Social Security as millions know it hangs in the balance.
Bisignano, who was appointed by President Donald Trump earlier this year, elaborated on the challenges facing the system. He pointed out that the number of workers per retiree has plummeted over the decades—from 16.5 in 1950, to 3.3 in 1985, and just 2.8 in 2013. With Americans living longer and the baby boomer generation continuing to retire, the math simply doesn’t add up. As Bisignano told Fox News, “Eight years is a long time away. We’re less than 200 days into this administration, and we need Congress to partner with us.”
Among the potential solutions discussed were raising the full retirement age (FRA), which currently stands at 67 for those born after 1960, and increasing the maximum amount of taxable earnings subject to Social Security tax—currently at $176,100. The Trustees estimate that to close the program’s 75-year funding gap, Congress would need to raise payroll taxes from 12.4% to 16.05%, a permanent increase of 3.65 percentage points. Bisignano also mentioned that the maximum taxable earnings cap “will continue to increase,” and that “there’s a whole host of items out there” under consideration, including reforms aimed at cutting waste, fraud, and abuse, as reported by Newsweek and FOX Business.
But it was the suggestion that raising the retirement age was on the table that drew the most ire—and prompted swift political backlash. House Social Security Subcommittee Ranking Member John B. Larson, a Connecticut Democrat, didn’t mince words: “After months of denying it, the Trump Administration is finally admitting what we suspected all along. They are planning on raising the retirement age. For every year you raise the age, that is a 7 percent cut in benefits.” He warned, “As costs continue to rise, seniors living on fixed incomes are being hit the hardest. Five million seniors are currently living in poverty. If Trump and his loyalists push through this plan, millions more will be pushed below the poverty line. Not on my watch!” (Newsweek).
Other voices quickly entered the fray. Former SSA Commissioner Martin O’Malley, appointed by President Biden, cautioned against raising the retirement age, especially for Americans who have spent their lives doing physically demanding jobs. “For those who would advocate raising the age, I think we have to be mindful of people who do hard work their whole lives, and die sooner,” O’Malley said in March 2024 before the House Ways and Means Committee, according to The Hill and Benzinga.
Republicans, meanwhile, have floated various proposals to address the funding crisis. The Republican Study Committee, a group of around 170 GOP lawmakers, suggested “modest adjustments” to the retirement age for future retirees to reflect rising life expectancy. Senator Rand Paul, a Kentucky Republican, even introduced an amendment to raise the FRA to 70, with incremental increases, but the measure was not adopted. The Congressional Budget Office (CBO) has estimated that such a move would address roughly half the system’s long-term shortfall.
Amid this swirl of policy ideas and political rhetoric, Bisignano and the SSA quickly moved to clarify their position. On September 19, 2025, the SSA issued an official statement on X (formerly Twitter): “Let me be clear: President Trump and I will always protect, and never cut, Social Security. That’s why we have made many vital reforms, such as cutting waste, fraud, and abuse from the program, to ensure the solvency of Social Security for future generations of Americans. Raising the retirement age is not under consideration.” Bisignano doubled down: “President Trump and I are fully committed to protecting Social Security and will never cut it. Raising the retirement age is not being considered.” (SSA statement, FOX Business, Benzinga).
Still, the pressure on lawmakers is mounting. The bipartisan group of senators has proposed creating a $1.5 trillion investment fund to help secure future benefits. Others have highlighted the need for Congress to act swiftly, given the ticking clock toward 2034. As Bisignano noted, any recommendations from the Social Security Trustees, a group that includes Treasury Secretary Scott Bessent and Health Secretary Robert F. Kennedy Jr., would require congressional approval. “The White House, which is completely committed to protect and preserve, and then Congress, that’s where the real work will happen. And that’ll take a while, we have plenty of time,” he said on Fox Business.
Meanwhile, the American public remains anxious. The 2024 MassMutual Retirement Happiness Study found that many Americans view 63 as the ideal age to retire—four years before they can collect full Social Security benefits. With the CBO projecting U.S. population growth from 342 million in 2024 to 383 million in 2054 (driven entirely by immigration after 2040 due to low fertility rates), the system’s sustainability is a growing concern. If Congress fails to act, federal law mandates benefit cuts averaging 24%, a prospect that would hit the most vulnerable retirees hardest, according to the Committee for a Responsible Federal Budget.
In the meantime, Bisignano is overseeing other SSA reforms, such as the end of paper Social Security checks by September 30, 2025, in a bid to modernize the agency and improve efficiency. He has repeatedly stressed that future generations may face “a different set of rules,” but insists that the administration’s priority is to protect and preserve Social Security for all Americans.
As the debate rages on, one thing is clear: the future of Social Security remains a political and financial puzzle, with no easy answers and the stakes growing higher by the year.
