3 Changes Musk’s DOGE Might Make to Social Security That Can Impact Your Benefits
Written by
Heather Altamirano
Edited by
Zuri Anderson
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Billionaire Elon Musk and his team at the Department of Government Efficiency (DOGE) have been tasked with making big changes to Social Security in an effort to reduce fraud and create a more logical system, but many are concerned.
Over 72.5 million people receive a Social Security check every month, per the Social Security Administration (SSA), and Americans are worried over new policies and potential massive staff cuts, which could affect a disruption in benefit payments, CNN reported.
While Social Security is undergoing reorganization, Steven Kibbel, a financial planner, entrepreneur and chief editorial advisor at Gold IRA Companies says there’s nothing to worry about.
“I work with retirement planning on a regular basis and I just want to make it absolutely clear: No plan, no official, no concrete, exists that shows any kind of adjustment from Elon Musk or anything involving Dogecoin is being undertaken with the operation of Social Security,” Kibbel said.
“Social Security is a program administered by the federal government, heavily regulated, and any real change would necessarily be made by Congress. That is not something that can be decided on by one entity or individual.”
With that in mind, there could be inconveniences that will likely be “short-term,” according to Peter Diamond, a federally licensed tax, accounting, real estate, and Structure and Certified Bankability Expert.
“Let’s be real: Some slower payments and short-term pain are likely if Elon’s DOGE-powered ideas start influencing and/or changing Social Security,” he stated. “But here’s the deal: The system as it stands is cracking. It doesn’t have the money to last into perpetuity without bold changes. And if done right, these disruptions could actually lead to better, faster and more secure benefits in the long run.”
While it’s unclear what the changes will be at this time, Diamond believes there could be a positive outcome from restructuring Social Security and shared three things that could be introduced that would favorably impact benefits.
Smarter Tech-Driven Payments
With Musk’s strong tech savvy skills and background, Diamond expects a major technical upgrade for Social Security.
“If blockchain or crypto-backed rails like DOGE are introduced, expect cleaner systems, less fraud and more transparency, which is clearly needed,” he stated.
While he expects early issues and some hiccups in the beginning, Diamond thinks the kinks will get worked out and create the potential for more efficient payouts.
“I personally love tech when it creates more freedom and control,” he explained. “But remember — wealth is built through cash-flowing assets you control, not just government promises. Let this be your signal to get structured and take action now; don’t wait for the government to save you.”
Innovation-Based Incentives
Another change that could be implemented is incentives or earlier benefits for people who contribute to innovation or embrace future-forward careers such as AI or renewable energy, per Diamond.
“Elon rewards builders and disruptors — it’s possible Social Security might, too,” Diamond stated. “Otherwise, there is a very good chance that slower payments and higher age limits will have to apply in order to save the system.
“If you’re already thinking ahead and structuring your life like an investor — not an employee — you’re going to be just fine in this environment. Change is happening; change is here. Instead of fighting it, embrace it and let that be a wake-up call to take action and control over your financial future today; don’t delay it any longer.”
Massive Fraud Crackdown
According to the DOGE website, the team has saved taxpayers an estimated $140 billion, which will create long-term stability, per Diamond.
“By eliminating waste and improper payouts, there’s a stronger chance the system survives — and actually works as it was originally intended — for those who need it most,” he explained. “It will, of course, come at a cost in the beginning. Slower payouts and service, but that is to be expected any time a drastic change like this happens.”
An overhaul of Social Security is alarming, but the program is running out of money. If no changes are made, future generations will only receive 75% of their benefits, according to the SSA.
The concerns are understandable, but Kibbel emphasized the importance of reliable sources.
“No one should be basing their benefit or savings plans on rumor or social media buzz. Verify with actual legislation or official announcements from the agencies,” Kibbel said. “Until it is real, Social Security remains what it has always been: A formal, federally administered program.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
More From GOBankingRates
