Musk pushes changes to Social Security

[riversedge]

Musk pushes changes to Social Security
https://www.msn.com/en-us/money/retirement/musk-pushes-changes-to-social-security/ar-AA1Df74t?ocid=winp1taskbar&cvid=93649f5dfc794c96ad261c43eb95f982&ei=30


Story by Diego Pérez Morales • 18h •



In the United States, the figure of Elon Musk is often surrounded by controversy and big headlines. This time, the entrepreneur has once again caught the attention after an interview on Fox News, where he claimed that his reforms under the so-called “Department of Government Efficiency” (DOGE) will ensure that the legitimate beneficiaries of Social Security get more money. ..................


...And most importantly, Musk’s statements do not seem to be backed up by the actual functioning of the system...............

Elon Musk’s promise is based on the idea of eliminating fraud, waste, and abuse within the Social Security Administration (SSA). However, according to Chris Orestis, retirement expert and president of Retirement Genius, that premise is based on a misperception.

“There is no solid evidence that large sums are being paid to people who do not deserve them,”
............................

But even in the hypothetical case that ‘extra’ funds were found, that would not allow for an automatic increase in benefits. As Orestis explained, the only mechanism for increasing Social Security payments is the cost-of-living adjustment (COLA), which is calculated each year according to inflation levels.......


How Social Security benefits are calculated?

These do not depend on the size of the trust fund or the number of employees in the SSA, but on the income that each person has had throughout their working life. To change that formula, Congress would have to pass a law, which is not on the table at the moment.