Trump administration considers raising retirement age to save Social Security from insolvency

Social Security Administration Commissioner Frank Bisignano has not ruled out raising the retirement age as one possible step to strengthen the program’s long-term finances.

In an interview Thursday on Fox’s Mornings with Maria, Bisignano — appointed by President Donald Trump earlier this year — was asked whether he would consider increasing the retirement age. “I think everything’s being considered,” he replied.

An SSA spokesperson later told Newsweek that Bisignano had discussed a wide range of ideas, stressing that “eight years is a long way away.” While he did say “everything will be considered,” the spokesperson emphasized that his comments came in the broader context of improving solvency and making the agency easier to access, faster to respond, and better equipped for future challenges.

The latest Social Security Trustees’ report projects that the program’s two trust funds — the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) funds — will be depleted by 2034. Without congressional action, benefits would then rely solely on payroll taxes, forcing an automatic reduction of roughly 21 percent.

Alongside a possible increase in the retirement age, Bisignano said other options are also on the table. He pointed to measures such as raising the maximum amount of wages subject to Social Security tax, currently capped at $176,100.

According to trustees’ estimates, closing the 75-year funding gap would require Congress to permanently raise payroll taxes across all income levels by 3.65 percentage points — from 12.4 percent to 16.05 percent.

Bisignano stressed there is still “a long time” — about eight years — to determine a solution, noting the final decisions rest with the trustees and Congress. He added that future generations of Social Security beneficiaries “will probably have a different set of rules.”