ROCHESTER, N.Y. – Concerns about the future of Social Security are growing among seniors and those nearing retirement. Elon Musk, head of the Department of Government Efficiency, has called Social Security “the biggest Ponzi scheme of all time” and is focusing on cutting waste, officials said.

In an interview on Fox Business, Musk said entitlement programs like Social Security are filled with waste and fraud, describing them as “the big one to eliminate.” This has raised anxiety among retirees despite President Donald Trump’s promise not to alter Social Security.

A Fidelity expert advised focusing on what can be controlled rather than worrying about uncertainties. Planning for healthcare expenses is crucial, said Sham Gangliani, Fidelity Retirement Distributions Leader.

“One of the other things to keep in mind about retirement is the largest expense is going to be more than likely healthcare,” Gangliani said. “So a 65-year-old today is needing $165,000 to cover healthcare costs throughout retirement. So for a future retiree, it’s important that accounts for how they’ll pay for future healthcare expenses. So they’ll do this by understanding their Medicare strategy and what potential expenses are related to long-term care.”

Long-term care planning is essential, as 60% of people in Rochester nursing homes are on Medicaid, another program Musk criticized. Fidelity recommends aiming to save 15% of income in a retirement account.

Fidelity offers resources to help with retirement planning, and more information can be found by clicking here.

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