George Kamel Warns 62 Social Security Claims Lock In 30% Cuts as 2032 Fears Spread
Updated
Updated · Fox Business · Jul 13
George Kamel Warns 62 Social Security Claims Lock In 30% Cuts as 2032 Fears Spread
1 articles · Updated · Fox Business · Jul 13
Summary
Kamel said panic over the Social Security trust fund’s projected 2032 depletion is driving Americans toward claiming at 62, even though that would permanently reduce monthly benefits by 30%.
A 2032 depletion date does not mean benefits fall to zero, he said; the worst-case scenario in the report is about a 22% cut in monthly payments, not bankruptcy.
Age 67 remains the system’s full-benefit baseline, Kamel said, while waiting until 70 raises checks by 24%; he argued the right claiming age depends on health, income and family circumstances.
The warning follows the Social Security Administration’s 2026 trustees report showing reserves are less than seven years from depletion, with Suze Orman also calling fear-driven early claiming bad advice.
Kamel said Congress is more likely to repeat 1983-style fixes—such as higher payroll taxes, a later retirement age or COLA changes—than allow a program used by 70 million Americans to collapse.