SSA Identifies Hundreds of Millions of Dollars in Savings

Mar 3, 2025 / By Elaine Floyd, CFP ®

According to a new press release, SSA “continues to make good on President Trump’s promise to protect American taxpayers from unnecessary spending while continuing to ensure it delivers on its mission.”

It goes on to say, “The agency has thus far identified over $800 million in cost savings or cost avoidance for fiscal year (FY) 2025 in areas of payroll, information technology, contracts and grants, and space savings (i.e., real property), and other savings through new, common-sense approaches to printing, travel, and purchase card policies.”

I must say, it’s encouraging to see SSA ramping up its communications in an effort to make Americans feel secure about their Social Security. Let’s hope it’s warranted.

Read the full press release here.

As director of retirement and life planning for Horsesmouth, Elaine Floyd helps advisors better serve their clients by understanding the practical and technical aspects of retirement income planning. A former wirehouse broker, she earned her CFP designation in 1986.

 

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