The Republican Study Committee (RSC) suggested this month raising the full retirement age from 67 to 69 years old, beginning in 2026 and progressively increasing until 2033, impacting individuals aged 59 and under. This alerts millions of Americans who are hoping to retire with a comfortable monthly income.
Donald Trump’s DOGE, led by Elon Musk, is also examining benefit cutbacks for anyone earning more over $80,652 per year, as well as adjustments to the disability program. According to analysis, these steps have the potential to save $718 billion over the next decade.
Cuts to Social Security benefits: Who would be affected?
According to the information, beneficiaries who are already receiving payments would not be affected, but future retirees would be, with cuts and the obligation to work longer years before enjoying their well-deserved rest: some of the most affected are those in their 30s and 40s, who could see a reduction of up to $3,500 per year, increasing their risk of poverty.
According to the Center for American Progress’s (RSC) budget study, we faced a 13% benefit loss for impacted future retirees.
It is planned to lower compensation for future recipients who earn $80,652 or more per year in current terms and are under the age of 59. This includes the elimination of auxiliary benefits, such as spouse benefits, which are now eligible for up to half of the principal worker’s benefit. This is expected to have a detrimental influence on retired couples’ capacity to maintain a sufficient quality of life, particularly those with mixed earnings.
SSDI would also be affected by DOGE cuts
As if these cutbacks weren’t enough to fuel Elon Musk’s chainsaw, the suggestions include excluding persons over the age of 62 from filing for Social Security Disability Insurance (SSDI), cutting eligibility and payments, and restricting access to the appeals process. This will severely limit help for handicapped workers, who depend on these payments to meet their fundamental necessities.
According to House Budget Committee Democrats, these reforms would reduce Social Security by $718 billion over ten years, with $224 billion coming exclusively from the retirement program.
Have more cuts to Social Security been proposed?
It is not the first time the GOP has proposed cuts to social programs; one of the most recent was in 2022, when Senator Rick Scott proposed that all federal programs, including Social Security, expire every five years unless Congress votes to renew them, putting the program’s stability at risk.
In the 2010s, former House Speaker Paul Ryan prioritized Social Security and Medicare reform in his budget recommendations. However, not all Republicans are willing to embrace such ideas. President Donald Trump, for example, said in January 2023 that “under no circumstances should Republicans vote to cut a penny from Medicare or Social Security.”
In any event, he has handed Elon Musk and his DOGE secretariat a free check to carry out any changes he deems “necessary,” which might include Social Security, Medicare, and even SNAP benefits.