Overview

• In a Fox Business interview, Commissioner Frank Bisignano said "everything's being considered" when pressed on raising the retirement age.
• Hours later, the Social Security Administration issued a clarification stating that raising the retirement age is not being considered and reiterating a pledge to protect benefits.
• Official projections place insolvency in the early 2030s, commonly cited as 2034, which by law would trigger average cuts of roughly 21% to 24% unless Congress intervenes.
• Bisignano and other officials pointed to alternatives under review, including lifting the payroll-tax earnings cap and options quantified by trustees such as a 3.65 percentage-point payroll-tax increase to close the long-term gap.
• The remarks prompted swift criticism from Democratic lawmakers, as separate Senate discussions include a proposed $1.5 trillion investment fund that would still require congressional approval.