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‘Keep your hands off our Social Security,’ lawmakers warn amid DOGE budget cuts

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2 years ago

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The Department of Government Efficiency, led by billionaire Elon Musk, has moved quickly to curb government spending at federal agencies including the U.S. Agency for International Development and Consumer Financial Protection Bureau.

At a Monday rally outside the Social Security Administration’s Maryland headquarters, certain lawmakers and advocates warned that the federal agency responsible for benefits for 72.5 million Americans could be among DOGE’s next targets.

“Keep your hands off our Social Security, because this has nothing, nothing to do with government efficiency,” Sen. Chris Van Hollen, D-Md., said at the rally.

Under Musk’s leadership, DOGE has launched plans to shut down the U.S. Agency for International Development while also telling staffers at the Consumer Financial Protection Bureau to stop work until further notice.

The next target may be the Department of Education, Van Hollen said, followed by the National Oceanic and Atmospheric Administration, the Centers for Medicare & Medicaid Services and then the Social Security Administration.

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Social Security is one of the “most important social programs of our lifetime,” with Americans working for years to qualify for benefits, said Sen. Angela Alsobrooks, D-Md.

“It is America’s promise to us when we paid into Social Security,” Alsobrooks said. “And yet this is under attack even today.”

During his campaign, President Donald Trump repeatedly promised that he would not touch Social Security benefits. He reiterated that promise last week, according to reports, while at the same time pointing to benefit fraud allegedly perpetrated by illegal immigrants.

“The president remains committed to his promise not to touch [Social Security],” while also doubling down on his promise to end taxation of benefits, a White House official said in an emailed statement to CNBC. “Any work from DOGE is to find fraud, which they’ve successfully done.”

Massive budget cuts make Social Security a target

Because DOGE has been tasked with executing massive spending cuts, experts say it will be difficult to avoid Social Security.

“When you’re tasked with cutting $2 trillion and 70% of the federal budget is comprised of Social Security, Medicare, Medicaid and defense, then you know that they’re going to continue to go after this,” said Rep. John Larson, D-Conn., during a Sunday town hall with constituents.  “We’re going to resist them.”

Lawmakers in red states may also push back, given how their constituents may negatively react to any changes, Larson said.

The Social Security Administration has “historically struggled to provide essential services in a timely manner,” a group of Democratic senators recently said in a letter to the Office of Personnel Management, with long waits to reach the agency by phone and for determinations on disability benefits.

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According to the latest projections from the Social Security Trustees, the trust fund used to pay retirement benefits is projected to be depleted around 2033 if no legislative action is taken to address the issue. If Congress doesn’t act by 2033, the fund’s reserves will become depleted and continuing program income will be sufficient to pay 79% of scheduled benefits.

To be sure, any attempts by the Trump administration to make changes may be met with litigation.

A federal judge has temporarily stopped Musk and other DOGE team members from accessing Treasury Department systems and data, which had prompted worries that sensitive information involving Social Security numbers and tax information may be compromised. The Trump administration has filed a motion to vacate a restraining order prohibiting DOGE access to Treasury payment systems. Musk has called for the judge in that case to be impeached.

New moves ‘put people’s data at risk,’ expert says

While DOGE has access to the Treasury Department system, the concern is they may also have access to Social Security Administration data including Social Security numbers, direct deposit accounts and personal addresses, said Kathleen Romig, director of Social Security and disability policy at the Center on Budget and Policy Priorities and a former Social Security Administration employee.

In a statement to members of Congress last week, the Treasury Department sought to reassure lawmakers that DOGE will have “read-only” access to data.

“Treasury is committed to safeguarding the integrity and security of the system, given the implications of any compromise or disruption to the U.S. economy,” a Treasury official wrote in a letter to members of Congress. “The Fiscal Service is confident those protections are robust and effective.” 

The White House did not respond to CNBC’s request for further comment.

Nevertheless, Romig said there is the potential for new processes to put people’s data at risk “in major and very scary ways.”

“SSA has never had a data breach, and that’s because they have it so incredibly secure,” Romig said.

But with reports of DOGE using external servers and temporary employees without security clearances, that could put that sensitive information at risk, she said.

Other prospective budget cuts could also negatively impact Social Security, Romig said.

For example, if DOGE’s plans to cut federal leases impact the agency, that may leave Social Security beneficiaries without access to field offices, she said. Moreover, efforts to cut federal employees may hurt the agency as it already faces staffing issues.

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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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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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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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