Bisignano Sparks Social Security Alarm With Age 69 Remark, Then Says No Change Is Under Consideration
Updated
Updated · FinanceBuzz · Jun 10
Bisignano Sparks Social Security Alarm With Age 69 Remark, Then Says No Change Is Under Consideration
3 articles · Updated · FinanceBuzz · Jun 10
Summary
Frank Bisignano triggered alarm after saying "everything's being considered" when asked whether Social Security's full retirement age could rise, prompting fears of delayed or reduced benefits.
A day later, the Social Security commissioner said he and Donald Trump would "always protect Social Security" and that raising the retirement age was not under consideration, but the remark had already drawn backlash.
11 senators led by Elizabeth Warren said the comment left millions "alarmed and confused," warning that lifting the full retirement age from 67 to 69 would cut lifetime benefits by tens of thousands of dollars for some workers.
Critics also argued the idea would not fix Social Security's funding gap, with trust funds still projected to face depletion in the mid-2030s.
The sensitivity reflects retirees' dependence on the program: about 40% of seniors rely on Social Security for most or all income, and more than one in seven depend on it for at least 90%.