During a recent interview with Fox News’ Bret Baier, Elon Musk claimed that his Department of Government Efficiency (DOGE) reforms at the Social Security Administration (SSA) would result in more money for the “legitimate recipients of Social Security.”
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But is that probable, or even possible? GOBankingRates asked two experts to weigh in.
Next, learn what other promises Musk has made about Social Security.
Will Elon Musk’s DOGE Increase Social Security Payments?
Most experts say you shouldn’t get your hopes up that Musk will save enough money for the SSA to increase Social Security payments.
First, it’s doubtful that any significant amount of fraud, waste and abuse is present in the Social Security Administration, said Chris Orestis, retirement expert and president at the Retirement Genius. He said the promise to find princely sums being paid to illegitimate recipients is not going to happen.
Orestis’ assertion is backed up by many reports, including from The New York Times and Associated Press, which have debunked many of Musk’s and DOGE’s claims of fraud and waste.
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Cut Costs Don’t Necessarily Lead to Higher Payments
Even if Musk did find waste, fraud and abuse, however, it would not result in an automatic increase in benefits.
“Social Security does not have the discretion to increase money being paid to beneficiaries based on somehow finding ‘extra’ money,” Orestis said. The mechanism that Social Security has to increase benefits is the annual, discretionary cost-of-living adjustment (COLA), which is a function of inflation, he added.
Martha Shedden, president and co-founder of the National Association of Registered Social Security Analysts (RSSA), was even more blunt about Musk’s work, insisting that what he says is simply not true.
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“I doubt that Musk understands how Social Security benefits are calculated,” she said. “They are not based on how much money is in the trust fund, nor is it dependent on the level of staffing at SSA. It is based on how much the beneficiaries earned over their lifetime.”
This cannot change without an act of Congress, Shedden said.
She added that, instead of helping seniors get bigger checks, DOGE’s efforts to cut staff and close offices are more likely to make it more difficult for legitimate recipients to get the benefits they have earned.