Elon Musk and his team are reviewing the Department of Government Efficiency for changes to the Social Security program, with the goal of reducing fraud and creating a more logical system. However, many people are worried about potential massive staff cuts, disruption in benefit payments, and new policies.
Financial planner Steven Kibbel emphasizes that there is no concrete plan for adjusting Social Security, and any real change would require Congressional approval. He advises against basing plans on rumors or social media buzz.
However, Peter Diamond, a tax and accounting expert, believes that some changes could lead to better benefits in the long run. He suggests three potential changes:
1. Smarter tech-driven payments: Diamond expects a major technical upgrade for Social Security, which could lead to cleaner systems, less fraud, and more transparency.
2. Innovation-based incentives: Diamond proposes introducing incentives or earlier benefits for people who contribute to innovation or future-forward careers such as AI or renewable energy.
3. Massive fraud crackdown: The team’s efforts have saved taxpayers an estimated $140 billion, which will create long-term stability.
Diamond believes that while there may be short-term inconveniences, the system is “cracking” and needs bold changes. He advises individuals to take control of their financial future and structure their lives like investors, rather than employees.
The concerns surrounding Musk’s Social Security overhaul are understandable, but reliable sources should be used to inform plans and savings strategies. Kibbel emphasizes the importance of verifying information through official announcements or legislation before making decisions.
As the program runs out of money, future generations will only receive 75% of their benefits if no changes are made.
Source: https://finance.yahoo.com/news/3-changes-elon-musk-doge-110317486.html