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Insider’s Report: The Status of the Social Security Trust Funds

The latest Social Security Trustees Report ( [link removed] ) makes one thing very clear: Now is the time to bring more revenue into the program, not cut benefits.  

The Social Security Trustees estimate the Trust Fund reserves will run out a year earlier than previously

projected, in 2034. And opponents of Social Security have wasted no time using the new projection ( [link removed] ) to justify cutting benefits or privatizing the program, neither of which is necessary.

The Social Security Trustees estimate the Trust Fund reserves will run out a year earlier than previously projected, in 2034. And opponents of Social Security have wasted no time using the new projection ( [link removed] ) to justify cutting benefits or privatizing the program, neither of which is necessary.

To be clear, the potential depletion of these trust funds does not mean the two programs are ‘bankrupt.’ The shortfall in the Social Security Trust Fund is fixable by boosting the system’s revenue stream. Lifting the payroll tax wage cap (currently $176,100) would go a long way toward ensuring the system’s financial health by asking upper-income Americans to pay their fair share.

But GOP lawmakers in Congress will not consider common sense solutions to shoring up Social Security. Instead, many Republicans favor cutting seniors’ earned benefits through higher retirement ages, stingier Cost-of-Living Adjustments (COLAs), means testing and privatizing the program for the benefit of Wall Street.

In fact, a backdoor attack on Social Security has been in the works for some time. President Trump, billionaire Elon Musk, and DOGE have instigated cutbacks ( [link removed] ) at the Social Security Administration (SSA) which have disrupted customer service and fueled beneficiaries’ concerns about their earned benefits. Long waits, busy signals and ongoing issues with new AI-powered customer service systems have further complicated operations. It’s gotten so bad that SSA has stopped reporting call wait times, processing times for benefits and other key performance metrics.

Meanwhile, GOP Senators are on the verge of passing the Trump/GOP budget bill which Americans oppose 2 to 1. This callous bill includes devastating cuts to Medicaid which would impact seniors’ access to nursing home care, vital at-home support services, nutritional services and more — all to help pay for massive tax cuts that mainly benefit the wealthy and huge corporations. Please sign our EMERGENCY PETITION TO THE U.S. SENATE NOW to stop Medicaid cuts for seniors. ( [link removed] )

Many Republican lawmakers and the Trump Administration have made it clear where their priorities lie: With millionaires and billionaires and against seniors and the programs they rely on for a secure and healthy retirement.

That’s why the National Committee is waging a full-scale campaign in Washington to protect Social Security, Medicare and Medicaid from callous budget cuts that could push millions of older Americans into poverty.

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Make a donation now to help us keep the pressure on Congress. Your continued support is essential to the National Committee's mission. ( [link removed] )

Bad Bills

U.S. Senators are barreling towards a vote on their version of the “One Big, Beautiful Bill Act” ( [link removed] ) which includes massive cuts to Medicaid.

At the heart of the bill is a plan to make historic cuts to Medicaid to help pay for an extension of tax cuts that mainly benefit the wealthy and huge corporations. While many associate Medicaid with low-income families or children, it’s a lifeline for nearly 9.5 million older adults, especially those who rely on long-term care, nursing homes or home health services.

Here’s what’s at stake if this bill becomes law:

Many older Americans could be deprived of the ability to maintain their independence and stay in their homes. It could also make nursing home care unaffordable for many seniors.

1.4 million low-income people with Medicare could lose cost-sharing assistance which will make doctors’ visits unaffordable and hamper seniors’ ability to meet their basic needs.

It could strip a population of access to basic health care which will ultimately make them sicker and cost taxpayers more in the long run.

This legislation could trigger automatic cuts to Medicare totaling nearly $500 billion between 2027 and 2034.

At a time when the cost of living is already stretching retirement budgets, and seniors are living longer with more complex care needs, now is not the time to weaken the very programs that make aging with dignity possible.

We at the National Committee to Preserve Social Security and Medicare are sounding the alarm. This bill doesn’t just make numbers on a balance sheet smaller — it would have real, painful consequences for real people. For your friends. For your neighbors. For you.

With a vote on the Trump/GOP budget bill imminent, we urge you to call your U.S. Senators today (202) 224-3121 and tell them to vote NO on the “One Big Beautiful Bill Act.” We must speak out before it’s too late.

The Senate must hear from Americans who are unwilling to trade seniors’ health and dignity for tax breaks that will mainly go to the wealthy. Sign our EMERGENCY PETITION today. ( [link removed] ) Time is running out, and your voice could make all the difference.

Max Richtman to Assume LCAO Chairmanship

We are pleased to announce that Max Richtman has assumed the one-year chairmanship of the Leadership Council of Aging Organizations (LCAO), which began this month. The LCAO is a coalition of 69 national nonprofit organizations concerned with the well-being of America's older population and committed to representing their interests in the policy-making arena.

For decades, the LCAO has worked to educate and advocate on behalf of the nation’s senior citizens. From Social Security to long-term care issues, the LCAO has been a leading voice in the debate on how best to serve America’s senior population — current and future.

Ask Us!

Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.

You can either search our archives ( [link removed] ) for valuable advice on a broad range of concerns or submit your question here ( [link removed] ).

This week’s question is: 
My niece’s husband, 24, died 10 days ago leaving his wife and two daughters age 5 and 2. He had a regular job. Are there any possible Social Security benefits available for the daughters?

Click here to read the answer. ( [link removed] )

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Your Morning Read

A free subscription, keeps you on top of the latest news about your earned benefits.

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Join Now/Donate

Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.

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Social Security Benefits

Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.

Social Security Defenders Say Trustees Report Shows Expansion—Not GOP Cuts—Is Path Forward ( [link removed] )

“What's needed — and what the majority of the American people support — is increasing revenue flowing into Social Security, which has been capturing a declining share of income as wealth inequality worsens,” said Max Richtman, President and CEO of NCPSSM. (June 18, 2025, Common Dreams, Eloise Goldsmith)

Read More → ( [link removed] )

Social Security is running out of money: What to know ( [link removed] )

"It is time to enact common-sense legislation to bring more revenue into Social Security," Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, told Newsweek. (June 19, 2025, MSN, Aliss Higham)

Read More → ( [link removed] )

Hopes that Senate Would Mitigate Medicaid & SNAP Cuts Have Been Dashed ( [link removed] )

Seniors’ advocates who analyzed the reconciliation bill narrowly approved by the House of Representatives in May hoped that the U.S. Senate would temper unaffordable tax cuts for the wealthy — and avoid slashing Medicaid and SNAP. Those hopes have been dashed. (June 20, 2025, www.ncpssm.org ( [link removed] ), Entitled to Know blog)

Read More → ( [link removed] )

Trump/DOGE Actions Fuel Surge in Social Security Claims ( [link removed] )

More Americans are suddenly filing for Social Security earlier than planned — and it isn’t necessarily because they’re eager to retire. Interference in the Social Security system by Trump, Musk and DOGE has triggered a wave of public panic about the future of the program. For many, it’s created a sense of urgency to claim benefits before any other harmful changes are made. The recent feuding between Trump and Musk — entertaining, disturbing, and inevitable as it is — does not undo their craven efforts to undermine public faith in Social Security. Unfortunately, it’s working. (June 6, 2025, www.ncpssm.org ( [link removed] ), Entitled to Know blog)

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“Musk’s Team Simply Did Not Understand the Data”: Maybe It Wasn’t a Great Idea to Let DOGE Loose on Social Security ( [link removed] )

Elon Musk and the DOGE team caused massive disruption at the Social Security Administration by spreading false fraud claims, driving out key staff, mishandling sensitive data, and pushing harmful policy changes — all based on flawed analysis and political pressure rather than facts. (June 16, 2025, Vanity Fair, Bess Levin)

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How Medicare Might Change for 2026 and How It Will Affect Your Coverage ( [link removed] )

With the routine annual changes to Medicare and Medicare Advantage plans, combined with the looming potential passage of sweeping federal spending cuts, 2026 is shaping up to be a turbulent year for the health insurance industry. (June 20, 2025, U.S. News & World Report, Elaine K. Howley)

Read More → ( [link removed] )

GOP senator warns Medicaid cuts could derail Trump megabill ( [link removed] )

Sen. Josh Hawley (R-MO) is warning that President Trump’s megabill could run off the tracks this week if Senate Republican leaders fail to address his GOP colleagues’ concerns that deep cuts to Medicaid spending would devastate rural hospitals in their home states. (May 29, 2025, Marketplace, Nancy Marshall-Genzer)

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