Mark Cuban Warns of “Horrific” Backdoor Social Security Benefit Cuts

There’s a reason the name “Social Security” tends to trigger a strong reaction in working Americans and retirees alike.

Millions of older Americans rely on those monthly benefits to stay afloat financially. And millions of current workers will one day rely on those benefits to cover their retirement expenses.

But Social Security is facing some serious financial problems. And at this point, a lot of people are worried that the program will have no choice but to cut benefits.

Billionaire investor Mark Cuban is also worried about Social Security cuts — but perhaps not in the same way as the majority of the general public.

Not long ago, Cuban warned of horrific backdoor Social Security cuts. But the cuts he’s talking about are very different from the cuts Americans are anticipating in the not-so-distant future.

Less access is also a problem

In a post on BlueSky, Cuban was quick to call out the Trump administration for removing phone support for Social Security beneficiaries.

“Making it more difficult for seniors to get their checks. It’s a back door way to cut SS benefits. Horrific.”

Cuban urged anyone seeing his message to help their loved ones apply for Social Security online to get their benefits approved. But the reality is that not all seniors are tech-savvy, and not everyone has access to someone who can help them navigate the maze of filing for benefits. So limiting access to Social Security is a real problem.

Actual benefit cuts may not be so far off

While Cuban isn’t wrong to point out that Social Security has already seen a key service cut, the reality is that the cuts that worry most Americans have to do with smaller benefit checks in the future.

Last year, the Social Security Trustees told the public that without lawmaker intervention, the program’s Old-Age and Survivors Insurance (OASI) Trust Fund will only be able to keep up with scheduled benefits through 2033. At that point, Social Security may be looking at a 23% cut.

If Social Security is able to combine its OASI Trust Fund with its Disability Insurance (DI) Trust Fund, it will be able to keep up with scheduled benefits for an additional year. From there, Social Security may be looking at a 19% cut.

The problem is that there are many older Americans today who get all or most of their retirement income from Social Security. So even a tiny cut to those monthly benefits could be catastrophic.

Americans can hope that lawmakers will put their heads together to arrive at a solution that prevents Social Security cuts. What that looks like exactly is still up in the air.

Some options for preventing Social Security cuts include raising the Social Security tax rate, lifting the wage cap for Social Security tax purposes, or pushing back full retirement age, which is when older Americans can claim their monthly benefits without a reduction.

Of course, all of these so-called solutions have drawbacks that could hurt Americans in other ways. So all told, lawmakers have their work cut out for them.

However, at this point, lawmakers can’t afford to sit on their hands and wait to address Social Security’s financial shortcomings. They’re going to have to act quickly if they don’t want to see this crucial program reduce retirement payments broadly.