Social Security Commissioner Frank Bisignano on Friday reversed remarks suggesting the Trump administration was considering raising the full retirement age from 67.
During a Fox Business interview on Friday morning, Bisignano told Maria Bartiromo that “everything’s being considered” when asked about the possibility of raising the retirement age. The remarks prompted the afternoon clarification from the Social Security Administration (SSA).
SSA Issues Afternoon Clarification
SSA issued an official clarification on X on Friday afternoon. In the post, Bisignano stated, “President Trump and I are fully committed to protecting Social Security and will never cut it. Raising the retirement age is not being considered.”
2034 Solvency Deadline Pressures Congress
According to The Hill, the Social Security trust funds are expected to run out by 2034, putting pressure on Congress to take action. In response, a group of bipartisan senators has proposed a plan to establish a $1.5 trillion investment fund to ensure continued benefits. Meanwhile, other lawmakers have proposed adjustments to benefits as a potential solution.
Bisignano stressed that any recommendations made by the Social Security trustees, which include Treasury Secretary Scott Bessent and Health Secretary Robert F. Kennedy Jr., would need to be approved by Congress.
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The former fintech CEO Bisignano is also overseeing other SSA changes, including the end of paper Social Security checks by Sept. 30.
Retirement Age Debate Continues
The 2024 MassMutual Retirement Happiness Study revealed that many Americans view 63 as the ideal age for retirement, which is four years before they can start receiving full Social Security benefits. Former Commissioner Martin O’Malley also cautioned against raising the retirement age. “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.
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