Senator Murray: “So we can’t talk about retirement without talking about how President Trump is driving up those costs and the uncertainty so many seniors are seeing across the board. I don’t think we can talk about retirement without talking about the health care crisis that is now causing premiums to skyrocket for families who rely on the ACA premium tax credits.”
Los Angeles Times: ‘It’s a shambles’: DOGE cuts bring chaos, long waits at Social Security for seniors
***WATCH: Senator Murray Q&A with witnesses***
Washington, D.C. — Today, at a Senate Health, Education, Labor and Pensions (HELP) Committee hearing titled “The Future of Retirement,” U.S. Senator Patty Murray (D-WA)—a senior member and former chair of the HELP Committee—questioned witnesses on how Trump administration policies and Republicans’ One Big Beautiful Bill Act have undermined seniors’ ability to afford health care and other basics, and receive the Social Security benefits that they earned. Senator Murray also asked witnesses about how rising prices across the board have made it harder for working Americans to save for retirement, and how the Trump administration’s cuts to the Social Security Administration (SSA) workforce is making it harder for seniors to get the help they need to access their Social Security benefits.
Witnesses at the hearing included: Chad Williams, Financial Advisor at Edward Jones; Richard Fiesta, Executive Director of the Alliance for Retired Americans; and James R. Copland, Senior Fellow at the Manhattan Institute.
In opening comments, Senator Muray said:
“The future of retirement is really an important topic—but I do think we have to acknowledge the elephant in the room.
“Because if Trump keeps driving up prices, and sabotaging health care, Social Security, and much more, then the future of retirement won’t even exist for many Americans. I mean, how many Americans will actually get to retire when everything in their lives is more expensive?
“So we can’t talk about retirement without talking about how President Trump is driving up those costs and the uncertainty so many seniors are seeing across the board.
“I don’t think we can talk about retirement without talking about the health care crisis that is now causing premiums to skyrocket for families who rely on the ACA premium tax credits.
“I have spoken to seniors in my state who are not yet old enough for Medicare and they are seeing their premiums jump by over a thousand dollars a month, right now, starting in a few weeks.
“And that is just really unaffordable for so many families—let alone seniors on a fixed income.
“I talked to a woman a few days ago who had just retired. She planned all her life to make sure she had the right thing. She’s on the ACA, she’s expecting the tax credits, they’re gone now. Now she’s talking about going back to work. So much for retirement.
“And I think we also need to talk about the other elephant, is that Trump took an axe to the Social Security Administration this year. He cut 7,000 staffers, which makes it really hard for seniors who need help accessing the Social Security they earned.
“Instead of focusing on pushing legislation that will help seniors afford those basic necessities—food, electricity—instead of fixing the mess he caused with those SSA cuts, or the chaos that is now being caused by the tariffs, Trump’s top priority was to cut taxes for billionaires, not for seniors.
“So, what I think we all have to recognize, that’s the picture that many seniors are looking at today.”
[AFFORDABILITY AND RETIREMENT]
Senator Murray began by asking Mr. Williams, Financial Advisor at Edward Jones, about how rising prices under President Trump are affecting his clients’ ability to save for retirement. “Mr. Williams, let me start with you. More than 55 million Americans don’t have an easy way to save for retirement at work. It just doesn’t exist for them. Instead of having a portion of each paycheck automatically saved, tens of millions of Americans receive their paycheck, pay their bills, and then they figure out how much they can save for retirement.”
“When prices are spiking across the board for everything from health care to electricity, how does that impact your clients’ ability to save for retirement?” asked Senator Murray.
“It’s an important question Senator Murray. Healthcare specifically, we, you know, in every financial plan that comes out of my office, we dedicate a significant amount of time and attention to that and include it in financial plans. And we empathize with, you know, families that are experiencing changes in the healthcare system, but as a financial planning practitioner, I will stay in my lane and avoid public policy and say that I welcome additional tools as a financial planning practitioner that helps us address this important issue,” answered Mr. Williams.
[SOCIAL SECURITY ADMINISTRATION WAIT TIMES]
Senator Murray continued her questioning by asking Mr. Fiesta, Executive Director of the Alliance for Retired Americans, about the difficulties that his members have experienced in receiving assistance from the Social Security Administration (SSA) over the last year. “Well, Mr. Fiesta, seniors spend their working lives paying into Social Security. And nearly 40 percent of seniors rely on Social Security for a majority of their income. Yet, the Trump administration is really intent on making it harder for seniors to access their hard-earned benefits. My constituents in Washington state are waiting on the phone with the Social Security Administration for hours, getting dumped off, having to call back in, still not talking, just unable to reach an actual person that can hear them and help them through this.”
“What have you heard from your members about their experiences with the Social Security Administration over the last year?” asked Senator Murray.
Mr. Fiesta answered, “Sadly, the same, Senator. We’ve heard similar stories on waiting. It used to be a year or so ago, you could go into a Social Security office if you needed a new card, prove who you were, the new card appeared in the mail within 10 days or so. Now, if you can even get to an office, you can’t do that, and they’ll give you an appointment in two, three months for something so simple as that. The number of offices that have lost staff, these local offices, which were designed to help local people, have seen some, 100% of their people leave, take an early buyout, or were fired. We’re also very worried about who is guarding the technology and the security systems at the Social Security Administration too, given potential breaches and the like there.
“So, we’re hearing it every day, just on the retail of trying to get simple service again. We’re at a point in our history where 11,400 people are turning 65 every day, and have the lowest number of staff at Social Security in 50 years. So, we’re in the demographic crisis, but for individuals who need those services, which we paid for, because all those workers are paid out of the Social Security Trust Fund, aren’t getting it.”
“Well, that is what I am hearing from a lot of people in my state as well. This needs to be fixed. They need, SSA needs more support, not less,” Senator Murray concluded.
Senator Murray has fought throughout her career—including as top Democrat on the HELP Committee from 2017-2022—to ensure a secure retirement for all Americans for decades. She was instrumental in establishing a special financial assistance program to the Central States Pension Fund in the American Rescue Plan, saving the pensions of over half a million workers and retirees in 2022. Murray also helped pass theSocial Security Fairness Act, which restored full Social Security benefits for 3 million public servants across the country—including firefighters, law enforcement officers, teachers, and other state and local government workers—by repealing two provisions of the Social Security Act that unfairly reduce the Social Security benefits of some public employees. Senator Murray has been outspoken about the many ways the Trump administration is sowing chaos at the Social Security Administration and forcing seniors to wait longer for help on the phone and in person, and how President Trump’s chaotic tariffs are raising grocery and energy costs for families across America.
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