Overview

• In a Fox Business interview, Commissioner Frank Bisignano said “everything’s being considered” when asked about raising the retirement age and suggested future beneficiaries may face different rules.
• Hours later, the Social Security Administration said raising the retirement age is not under consideration and reiterated a pledge to protect benefits.
• Trustees project the combined trust funds will be exhausted in early 2034, with some analyses pointing to 2032, and federal law would then reduce benefits to payroll-tax income levels, an average cut of about 24% without legislation.
• Options cited in interviews include lifting the taxable-earnings cap and other revenue measures, and trustees estimate closing the 75-year gap would require raising the payroll tax rate to about 16.05% from 12.4%.
• Democratic lawmakers, including Rep. John B. Larson and Sen. Ed Markey, criticized the initial comments, intensifying pressure on Congress to craft a solvency plan.