The fears, facts and fuss

Dear Chuck,

My parents are extremely fearful about the future of Social Security benefits. How can I help them with their concerns?

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Fearful About Social Security

Dear Fearful About Social Security,

A recent Gallup report reveals that 52% of Americans worry about the Social Security (SS) system. It has been at the top of the minds of millions who are approaching or in their retirement years. Although this is not a new fear, it has been making headlines of late.

The Department of Governmental Efficiency (DOGE), in an effort to eradicate mistakes and fraud at the agency, has caused quite a stir among SS recipients. Political opponents are seizing the opportunity to create fear and unrest through the airwaves. As a result, many people are being misled by presumptions.

Some fear that cost-cutting measures will impact their benefits. The reality of it is that those who are receiving payments fraudulently should be afraid. Those who received overpayments and never reported them should expect repercussions. But what about the unrealistic fears that people are feeling?

Stirring the pot

Former SSA commissioner Martin O’Malley, interviewed on CNBC, made comments which would indeed be unsettling if one didn’t recognize that his presumptions were opinions, not facts. He stated:

• “Ultimately, you’re going to see the system collapse and an interruption of benefits.”
• “I believe you will see that within the next 30 to 90 days.”
• “People should start saving now.”

CNBC also referenced comments made by Jill Hornick, a union official at the American Federation of Government Employees Local 1395, representing SS offices in Illinois. She noted that “it will take a while for the effects to be felt, but they’re coming,” predicting that changes in SS will be “far worse” than the Medicaid planned cuts. In addition, she thinks processing new claims could be delayed due to an understaffed workforce.

Both people based their negative response to SS changes on presumptions. According to James 4:14, these types of statements are misleading, for no one knows “what tomorrow will bring.”

Facts can reduce fear

• The SS Fairness Act will implement retroactive payments to those whose benefits were impacted by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
• Overpayments are being withheld.
• Changes in direct deposit routing or other banking information cannot be made by phone. The Internet or in-person appointments will be necessary.
• Stronger ID verification procedures to prevent fraud will restrict telephone-based benefit claims.
• Appointments may be needed and advised (though not absolutely necessary) for office visits.
• Some offices are closing, being consolidated, or moving into existing federal spaces.
• Glitches in the IT system have occurred. The 1950s-era computer language needs to be overhauled and updated.
• Leadership changes within the SSA have occurred, and personnel has been reduced.
• There is a Cost of Living Adjustment (COLA) for 2025.
• Recognize these myths.
• Here are some common lies retirees fall for.
• You can read more info here.

What now?

I believe it was Milton Friedman who said we can always expect the government to pay people their benefits, but the purchasing power of the benefits when received cannot be guaranteed. This is a very good point, since inflation can lower the purchasing power of future retirement income.

As Christians, we should assume the responsibility ourselves for saving and investing by living and planning as if Social Security will not be there. Prior to 1940, Americans did not receive Social Security benefits. President Roosevelt (FDR) signed the Social Security Act in 1935. The collection of taxes began in January 1937, and monthly payments started three years later.

It is better to rely on the Lord and follow His precepts. 

“Wisdom is good with an inheritance, an advantage to those who see the sun. For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it” (Ecclesiastes 7:11–12 ESV).

“Moreover, it is required of stewards that they be found faithful” (1 Corinthians 4:2 ESV).

Live contrary to the way the government does

Our government has low or no savings and excessive debts, but so do many Americans. This should increase our motivation to do the opposite. Do not run up unnecessary debt. This requires sacrifice and self-control. 

“Owe no one anything, except to love each other, for the one who loves another has fulfilled the law”(Romans 13:8 ESV).

“The rich rules over the poor, and the borrower is the slave of the lender” (Proverbs 22:7 ESV, emphasis mine).

Many people carry excessive credit card debt and find themselves trapped in a cycle of borrowing. Anyone experiencing this burden should get in touch with our friends at Christian Credit Counselors. They have helped hundreds of thousands of families experience freedom from debt.

Do not fear

Assure your parents that no one knows what tomorrow holds. So why waste time and emotions concerned about changes in Social Security? Instead, live frugally, give generously, save regularly and invest wisely. Put your hope in the Lord, not man or government programs.

“Therefore do not be anxious about tomorrow, for tomorrow will be anxious for itself. Sufficient for the day is its own trouble” (Matthew 6:34 ESV).

“Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths” (Proverbs 3:5–6 ESV)

I’d like to invite you and your parents to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will provide encouragement by bringing God’s Word into your daily life.