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Social Security is getting what its chief calls a “massive cleanup.” But for Americans counting on those monthly checks to carry them through retirement, a much bigger question is looming — how much income will still be there when they need it?
Speaking in a Fox Business interview, Social Security Administration Commissioner Frank Bisignano described a sweeping effort to clean up the agency’s database and close openings for fraud.
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“A massive cleanup never done before,” Bisignano said (1). “And it will stay clean.”
The scale is striking. According to an Oct. 20 announcement (2), the agency added 17 million dates of death to records that previously lacked them and updated approximately 25 million records with missing citizenship information. Work was also underway to correct another 8.5 million records with inaccurate citizenship status. The SSA called it the most comprehensive cleanup of its Social Security number records in its 91-year history.
When co-host Taylor Riggs asked whether AI and better verification tools could help the agency review its entire database, Bisignano quickly clarified how far the effort had already gone.
“15% is the amount of records that were corrected,” he said. “We’ve gone through 100%.”
He also explained why the effort matters beyond his agency. Other government programs use Social Security numbers to verify identities, meaning inaccurate information can create opportunities for misuse elsewhere.
“Much fraud did not happen in the books of Social Security,” Bisignano said.
But the conversation soon turned to a threat that could hit retirees directly in the wallet.
The Committee for a Responsible Federal Budget warns (3) that Social Security’s retirement trust fund is now less than six years from insolvency. Citing the 2026 trustees’ projections, the group says the fund’s reserves could be exhausted in late 2032. Without action from policymakers, beneficiaries would face an abrupt 22% benefit cut.
For someone receiving $2,000 a month, a cut of that size would mean $440 less every month — or $5,280 a year.
Protect and preserve
The grocery bill, property taxes and insurance premiums would still arrive. The check helping cover them would be smaller.
Asked about the funding warning and whether spending cuts were on the table, Bisignano pointed to President Donald Trump’s commitment to the program.
“The president has been very, very clear. Protect and preserve. The first steps of protecting was to get the operations to work right,” he said. “Any good business fixes its technology, fixes its operations, fixes its books and records, and that’s what’s been going on.”
He added, “There will be solutions. The first solution is eliminating fraud, waste and abuse.”
That leaves retirees with an uncomfortable gap between the promise to protect Social Security and a lasting fix for its finances. The cleanup announcement offers no estimate of how much the changes would save or how those savings would address the projected shortfall.
For your own retirement, waiting for Washington to settle the issue could leave you with less time to prepare.
Whether you’re already collecting benefits or still building toward retirement, additional income could give your budget more breathing room — and reduce how heavily your plans depend on a single government check.
Here are a few ways to start building that extra income.
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Earn passive income through real estate
Investing in real estate is widely regarded as a robust strategy for retirement planning due to its potential for generating steady, recurring income and capital appreciation over time.
Well-chosen properties can offer a reliable source of rental income, which can be used to cover living expenses in retirement, reducing dependency on traditional retirement savings or Social Security.
Real estate has also proven to be a powerful hedge against inflation. When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.
Of course, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn’t exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns).
The good news? You don’t need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like mogul offer an easier way to get exposure to this income-generating asset class.
As a real estate investment platform offering fractional ownership in blue-chip rental properties, mogul gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.
Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide for you. In other words, you gain access to institutional-quality offerings for a fraction of the usual cost.
Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
Sign up for an account and browse available properties here to start investing today.
Another option is Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.
Lightstone DIRECT’s direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.
With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.
Get guaranteed income for life
Building a retirement nest egg takes decades. Making it last can be just as challenging — especially when you don’t know how many years it needs to cover.
With a potential Social Security shortfall on the horizon, having another source of income that lasts throughout retirement could give you more confidence in your monthly budget.
One option you may want to consider is an income annuity through Ethos, which can help you convert your savings into predictable income. In exchange for a lump sum, you can get guaranteed income for life, backed by the issuing insurer’s claims-paying ability. This guarantee requires annuitizing your funds and is subject to the specific contract’s terms, including any applicable surrender charges.
You can lock in predictable income you can count on every month and customize your payout schedule to fit your budget. If you need the money now, you can turn a lump sum into income that starts right away.
An income annuity can also help you diversify your retirement income strategy and provide another source of income alongside Social Security, pensions and other savings, with lifetime guaranteed income for those 59 and older, backed by the issuing insurer’s claims-paying ability and subject to annuitization, rider elections and contract terms including surrender charges.
If you’re considering an income annuity, book a free consultation with a licensed Ethos insurance agent to explore your options. No purchase is required.
Not available for residents of New York.
Put your cash to work
Building retirement income also means making the most of the money you already have — including cash set aside for upcoming bills and unexpected expenses.
That money needs to stay within reach. But while it’s waiting to be used, earning a competitive interest rate can help you get more out of your cash cushion.
A high-yield account like a Wealthfront Cash Account can be a great place to grow your uninvested cash, offering both competitive interest rates and easy access to your money when you need it.
A Wealthfront Cash Account currently offers a base rate APY of 3.55% through program banks. With a new client boost and direct deposit incentive, referred clients can earn up to a 4.55% APY.
That’s 10 times the national deposit savings rate, according to the FDIC’s September report (4).
With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, your funds remain accessible at all times. Plus, you get access to up to $8M FDIC Insurance eligibility through program banks.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
YouTube (1); Social Security Administration (2); Center on Budget and Policy Priorities (3); Federal Deposit Insurance Corporation (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
