Social Security has been targeted by Elon Musk and the Department of Governmental Efficiency, which plans to drastically alter the program.
Reducing fraud and establishing a more rational system are the goals. Every month, more than 72.5 million people receive a check from Social Security, but benefit disbursements are expected to be disrupted by new regulations and personnel reductions.
There’s nothing to be concerned about, according to Steven Kibbel, chief editorial advisor at Gold IRA Companies, entrepreneur, and financial adviser.
“I work with retirement planning on a regular basis and I just want to make it absolutely clear: No plan, no official, no concrete, exists that shows any kind of adjustment from Elon Musk or anything involving Dogecoin is being undertaken with the operation of Social Security,” Kibbel stated.
“Social Security is a program administered by the federal government, heavily regulated, and any real change would necessarily be made by Congress. That is not something that can be decided on by one entity or individual.”
Musk’s three modifications to Social Security
Payments influenced by technology
Given his experience, it goes without saying that Musk wants to integrate additional technologies into the payment process.
Peter Diamond, a Certified Bankability Expert, Real Estate, Accounting, and Tax Professional with Federal Licence, told Yahoo:
“If blockchain or crypto-backed rails like DOGE are introduced, expect cleaner systems, less fraud and more transparency, which is clearly needed,” he stated.
“I personally love tech when it creates more freedom and control,” he explained. “But remember – wealth is built through cash-flowing assets you control, not just government promises. Let this be your signal to get structured and take action now; don’t wait for the government to save you.”
Innovation-driven rewards
One idea is that Musk will give incentives to those who support innovation or pursue careers in fields like artificial intelligence or renewable energy. As a reward, they can get advantages earlier.
“Elon rewards builders and disruptors – it’s possible Social Security might, too,” Diamond stated. “Otherwise, there is a very good chance that slower payments and higher age limits will have to apply in order to save the system.”
“If you’re already thinking ahead and structuring your life like an investor – not an employee – you’re going to be just fine in this environment. Change is happening; change is here. Instead of fighting it, embrace it and let that be a wake-up call to take action and control over your financial future today; don’t delay it any longer.”
Take Action Against Fraud
Eliminating the alleged fraud in the Social Security system is the main objective. An estimated $140 billion has been saved by taxpayers, according to the DOGE website.
“By eliminating waste and improper payouts, there’s a stronger chance the system survives – and actually works as it was originally intended – for those who need it most,” Diamond stated.
“It will, of course, come at a cost in the beginning. Slower payouts and service, but that is to be expected any time a drastic change like this happens.”
This information has been sourced from Marca.
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