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Amid DOGE cuts, Elon Musk turns focus to Social Security beneficiaries over 100

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1 year ago

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FILE PHOTO: Elon Musk speaks as his son X ? A-12 and U.S. President Donald Trump listen in the Oval Office of the White House in Washington, D.C., U.S., February 11, 2025. 

Kevin Lamarque | Reuters

As Elon Musk continues to look for ways to cut federal spending through the Department of Government Efficiency, he has raised questions as to just how long some Social Security beneficiaries have been receiving payments.

With a “cursory examination” of Social Security, “we’ve got people in there that are 150 years old now,” Musk said during a Feb. 11 CNN interview.

In recent days, he re-upped those claims on social media platform X. “Maybe Twilight is real and there are a lot of vampires collecting Social Security,” Musk posted on Feb. 16.

Just because the Social Security Administration has millions of people in its database who are very elderly and not marked as deceased does not necessarily mean benefits are fraudulently being paid, said Alex Nowrasteh, vice president for economic and social policy studies at the Cato Institute, a public policy research organization.

“The amount of fraud is likely miniscule,” Nowrasteh said.

Top Social Security official exits after refusing DOGE access to sensitive data

When asked for comment, the White House provided an email statement from Press Secretary Karoline Leavitt citing a 2024 investigation that found the Social Security Administration made about $71.8 billion in improper payments out of almost $8.6 trillion in benefits paid from fiscal years 2015 to 2022.

Notably, deceased beneficiaries were one of multiple reasons that may prompt improper payments, according to the report from the Social Security Administration Office of the Inspector General.

“The Social Security Administration is now working to find even more waste, fraud and abuse in the Administration’s whole-of-government effort to protect American taxpayers,” Leavitt said in the emailed statement.

This week, acting Social Security commissioner Michelle King stepped down over reported concerns over DOGE access to sensitive data at the agency. In a new statement released Wednesday, Lee Dudek, who is now acting commissioner, said the agency plans to prioritize transparency and protect benefits and information.

“The reported data are people in our records with a Social Security number who do not have a date of death associated with their record,” Dudek said. “These individuals are not necessarily receiving benefits.”

The Social Security Administration did not respond to requests for further comment.

Data doesn’t influence benefit payments, expert says

In recent days, Musk has shared data on the numbers of Social Security beneficiaries by age on X. Experts say the data likely came from the Social Security Administration’s electronic file of personally identifiable information on everyone with a Social Security number, known formally as Numident.

Numident is an electronic file that has personally identifiable information — such as name, date of birth and other details — for every individual who has been issued a Social Security number, according to a 2023 Social Security Office of the Inspector General report focused on Social Security number holders ages 100 and up.

The Social Security Administration inputs death information it receives from various sources on Numident, according to the report. From there, the agency uses Numident to create a full file of death information, the Death Master File, that is shared with other agencies that pay benefits to help prevent and detect fraud.

In the 2023 report, the Office of the Inspector General found about 18.9 million Social Security number holders were born in 1920 or earlier and had no death information on their Numident records. However, Census Bureau data estimates at the time of the review showed only about 86,000 individuals living in the U.S. were age 100 or older.

If a death is not properly recorded, that can interfere with efforts to prevent and identify fraud by both federal and private entities, the OIG report said.

Just because Numident records are out of date doesn’t influence the Social Security Administration’s payments, according to a former Social Security Administration employee.

“The payment records that send 70 million checks payments a month aren’t driven by the Numident,” the former Social Security Administration employee said. “To correlate the two is just manipulative.”

For decades, the agency had reached out to beneficiaries who are over 100 years old, who have not recently used Medicare, to verify their identities, the former Social Security employee said.

“To say, ‘Oh, well, there’s 150-year-old people,’ that’s just silly,” the former Social Security Administration employee said. “That particular operation over the years did yield cases where there was fraud being committed, but not a lot of it.”

Undocumented immigrants pay into program

Individuals over age 100 are more susceptible to having their Social Security numbers fraudulently used by undocumented immigrants for work rather than having their benefits stolen, Nowrasteh said.

“A good number of these Social Security numbers are being used by illegal immigrants to work and pay taxes,” Nowrasteh said.

Importantly, that likely means more money coming into Social Security through payroll taxes than leaving the program through benefit payments, according to Nowrasteh.

In tax years 2016 to 2020, employers and individuals received about $8.5 billion in wages, tips and self-employment income from 139,211 Social Security numbers attributed to individuals ages 100 and up, according to the 2023 SSA OIG report that looked at number holders ages 100 and up.

“Probably zero of them are working,” Nowrasteh said of the data. Instead, that revenue into the program is likely coming from undocumented workers who won’t receive benefits, he said.

“Because they’re illegal immigrants, they don’t have access to the benefits on the back end when they retire,” Nowrasteh said.

More from Personal Finance:
Ending taxes on Social Security benefits would help high-income households
Following Social Security Fairness Act, beneficiaries wait to see higher benefits
‘Keep your hands off our Social Security,’ lawmakers warn amid DOGE budget cuts

Immigrants consumed 21% less welfare and entitlement benefits than native born Americans per capita, or per person, as of 2022, according to new research Nowrasteh co-authored.

If the administration cracks down on payroll taxes coming into Social Security using false numbers, “then it might actually worsen the fiscal soundness of the program and make it insolvent sooner,” Nowrasteh said.

The Social Security Administration relies on ongoing payroll taxes to pay benefits. To supplement those payments, the agency also draws from money set aside in trust funds. Because those trust funds are running low, just 83% of both retirement and disability benefits may be payable starting in 2035, Social Security’s trustees projected last year.

It remains to be seen whether Congress will act sooner to prevent those changes.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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