Former SSA chief says media’s ‘Social Security hysteria’ is false — claims Trump team has already paid $14.8B in long-delayed benefits to 2.2M Americans. But are things really getting better?

Misleading defense

It should be noted that the “Social Security Fairness Act” which Dudek takes credit for was passed into law on January 5 — roughly 15 days before President Donald Trump took office and more than a month before Dudek was appointed as acting commissioner. The bill was first introduced in 2023.

In other words, billions of dollars in retroactive benefits were put into motion by the previous administration.

On February 28, the SSA published a statement on its website stating that it plans to reduce the workforce from 57,000 to 50,000 — which would imply a 12% reduction. It should be noted that this statement is focused on future plans.

Dudek’s statement about the workforce is backward looking since the federal government’s fiscal year runs from October 1 to September 30.

While the SSA has said no field offices are being permanently closed, a report from Government Executive says, a draft plan for service delivery includes “field office consolidation" as a goal for next year. "The scope of the envisioned 'consolidations' is unclear, though the document singles out field offices as on the chopping block next year," it said.

Meanwhile, American taxpayers looking ahead see a bleak future for this program. According to a March Gallup poll, public concern about Social Security has hit a 15-year high. Another survey by the Employee Benefit Research Institute (EBRI) and Greenwald Research found that 8 in 10 workers (79%) and 7 in 10 retirees (71%) are at least somewhat about the U.S. government making significant changes to the American retirement system. Sixty percent of workers and 80% of the retirees who are concerned worry that changes could reduce their Social Security benefit.

If you’re worried about the future of this program, here’s how you can protect yourself.

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Protect your retirement

The future of the public safety net is uncertain, and if you haven't already, this could be a good time to start weaving your own safety net for retirement. Lean on tax-advantaged accounts such as the 401(k) and Roth IRA to accumulate a retirement nest egg in the most tax efficient way.

You could also consider a Health Savings Account, which has a triple tax advantage, to prepare for the costs of medical care in your senior years.

Speak to an expert financial advisor to create the best portfolio for your goals. Create an emergency fund so that you don't have to raid your 401(k) if something unexpected takes place. Picking the right age to retire and minimizing your spending could go a long way towards protecting your family’s finances.