President Trump implemented changes to Social Security, including cost-cutting measures and fraud prevention efforts.
From Nasdaq: 2025-05-03 03:44:00
- A recent Gallup poll shows that between 80% and 90% of retirees rely on Social Security income to cover their expenses, emphasizing its importance for financial stability.
- President Trump has overseen multiple changes to Social Security, including administrative cost-cutting resulting in staff reductions and office closures for the SSA.
- Trump has also signed an executive order to end paper Social Security checks in favor of electronic transfers by September 30, 2025, citing efficiency and fraud prevention.
- Changes to identity verification rules under Trump require beneficiaries to make changes online with two-factor authentication or in person at an SSA office, aimed at reducing fraud.
- Trump reversed Biden-era overpayment and recovery rules, implementing a 50% withholding rate until overpayment is recovered, projected to save $7 billion over 10 years.
Read more at Nasdaq: 5 Social Security Changes President Donald Trump Implemented in His First 100 Days in Office — and the 1 Powerful Change He Still Wants to Make