Elon Musk is no stranger to bold claims and big ideas. In a recent interview on Fox News, he suggested that reforms under a new initiative called the “Department of Government Efficiency” (DOGE) would help clean up the Social Security system and lead to higher payments for legitimate beneficiaries. While the promise might sound appealing, experts warn that the truth is far more complex.
What Did Elon Musk Say About Social Security?
During the interview, Musk claimed that by eliminating “fraud, waste, and abuse” within the Social Security Administration (SSA), more money could go to those who genuinely deserve it. He linked these efforts to a newly proposed idea—the Department of Government Efficiency (DOGE)—which aims to improve how government agencies operate.
On the surface, the idea of making the system more efficient sounds great. But when you look closely, it raises serious doubts.
Why Experts Say Social Security Payments Won’t Rise Because of Musk’s Plan
According to Chris Orestis, a retirement expert and president of Retirement Genius, the claim that huge amounts of Social Security money are being wasted is simply not backed by facts. He notes that reports from respected media outlets like The New York Times and Associated Press also support this view.
Even if the government somehow found “extra” money by cutting unnecessary expenses, that wouldn’t automatically increase the checks people receive. Here’s why:
Payments Are Adjusted by COLA
The only legal way Social Security payments increase is through Cost-of-Living Adjustments (COLA). This is a yearly adjustment based on inflation, not savings or budget cuts.
Benefits Depend on Lifetime Earnings
Martha Shedden, president of the National Association of Social Security Analysts, explained that Musk’s idea shows a clear misunderstanding of how Social Security works.
A person’s benefits are based on how much they earned and paid into the system during their working years—not on how efficient the SSA is. To change that formula, Congress would need to pass a new law, and there’s no sign of that happening right now.
What Would Actually Increase Social Security Payments?
While cutting waste might improve government services, it won’t raise Social Security checks. For that to happen, major financial changes would be needed. According to the 2024 Social Security and Medicare Trustees report, full Social Security payments are only guaranteed until 2035. After that, if no action is taken, benefits could be cut by 17%.
Here’s what experts believe needs to happen to keep payments stable—or even increase them:
1. Raise Payroll Tax Revenue
Social Security is mainly funded through payroll taxes. If wages go up or more people are working, the system gets more money.
2. Remove the Taxable Income Cap
Right now, people only pay Social Security taxes on the first $176,100 of their income. Removing or raising this cap could bring in a lot more funding, especially from high earners.
3. Raise the Retirement Age
Another option is to increase the retirement age for younger generations, so the system has more time to collect taxes before paying out benefits.
4. Cut Benefits for the Wealthy
Some suggest that people with high net worth, like Elon Musk himself, shouldn’t receive Social Security at all. If wealthier Americans are removed from the system, there would be more funds available for those who actually need it.