Social Security Administration Commissioner Frank Bisignano says eliminating fraud, waste and abuse is a key first step in protecting the retirement program as concerns continue over its long-term financial outlook.
During an appearance on Big Money in the Morning, Bisignano discussed the agency’s efforts to improve its operations, update technology, correct inaccurate records and strengthen the administration of Social Security benefits.
“The president has been very, very clear. Protect and preserve,” Bisignano said. He added that the agency’s initial efforts focused on making its operations work properly, including improving technology, operations, and financial records.
His comments come as Social Security faces ongoing funding challenges, raising questions about whether the program will be able to pay scheduled retirement benefits in full over the long term without changes to its financing.
Social Security Funding Challenges Remain a Concern
Social Security primarily relies on payroll taxes to finance benefits for retired workers, eligible family members and other beneficiaries. Its trust funds help cover the difference when incoming revenue is not enough to meet scheduled payments.
If the relevant trust fund reserves are depleted, Social Security would not automatically stop paying benefits. However, continuing payroll tax revenue would be insufficient to cover all scheduled benefits under current law, unless Congress makes changes to the program.
The timing and extent of any potential shortfall depend on the program’s financial outlook and future legislative action. The latest projections are available in the Social Security Administration’s 2026 Trustees Report.
Agency Reviews Records to Improve Accuracy
Bisignano also discussed efforts to review and correct Social Security records, including information involving dates of death and citizenship status.
He clarified that the approximately 15% figure mentioned during the interview referred to the share of records that had been corrected, rather than the portion of the database that had been reviewed.
“15% is the amount of records that were corrected. We’ve gone through 100%,” Bisignano said.
The distinction is important because reviewing records does not necessarily mean every record requires a correction. The commissioner’s remarks indicate that the agency has examined its database while continuing work to address identified inaccuracies.
AI and Technology Could Support Social Security Operations
Bisignano also described artificial intelligence as a potential tool for improving Social Security’s service delivery, processing and recordkeeping.
His comments highlighted the agency’s broader focus on modernizing its systems and coordinating with other government agencies. These efforts are intended to improve administrative operations as Social Security continues to manage benefits for millions of Americans.
However, efforts to improve technology and correct records are separate from the program’s underlying funding challenge. Addressing the long-term financial outlook will also depend on revenue, benefit costs and any policy changes adopted by Congress.
For retirees and workers planning for retirement, the central issue remains whether lawmakers will take action to address Social Security’s projected funding shortfalls while preserving the program’s ability to provide benefits.
Source: Fox Business — Social Security chief reveals ‘first solution’ as program faces funding concerns
