Finance Guru Rips Viral Social Security Trend

“The Ramsey Show” co-host and financial literacy personality George Kamel blasted news agencies and influencers for urging Americans to withdraw Social Security early.

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Recently, the Social Security Administration announced in the 2026 Trustees Report that the Old-Age and Survivors Insurance Trust Fund reserves “will become depleted” in 2032, and afterwards, “the fund’s reserves will become depleted and continuing program income will be sufficient to pay 78 percent of total scheduled benefits.”

The Congressional Budget Office also previously warned that this would result in a direct cut in retirement benefits, stating, “because the government would not have the legal authority to make payments in excess of receipts, it would no longer be able to pay the full amounts scheduled or projected under current law.”

News organizations took on the story about Social Security reaching its end, with Fox Business reporting that “Social Security has less than 10 years before reserves are exhausted.” Online financial influencers then started to call on their followers to take out their benefits early at 62 before Social Security goes ‘bankrupt.’

In an interview with Fox News, Kamel called the Fox Business headline and similar headlines in other outlets “classic fearmongering” that are not “based in reality.”

“There’s a lot of context left out,” Kamel added. “But when you see ‘depletion 2032 Social Security,’ it’s like the toilet paper rush during COVID — everyone’s like ‘I gotta go to the store. Let’s clear the shelves. There’s not going to be any left for me.’”

Kamel debunked the idea that Social Security is going to go bankrupt by noting that the last time Social Security reserves were expected to dry out in 1983, Congress and the Reagan administration did “several small tweaks” to fix the system.

Read more Finance Guru Rips Viral Social Security Trend

“A worst-case scenario is a 22% cut in monthly benefits,” Kamel said. “That’s a far cry from it going to 0, to bankruptcy. There is a lot of emotion here, and fear is a bad reason to grab it at 62.”

“I don’t see a world where, in 2032, we’re all going, ‘Where’s our money? We’re all going to retire broke.’” Kamel added. 

Kamel also mentioned that taking Social Security at 62 gives a 30% deduction in benefits, whereas waiting until 70 gives a 24% bonus. But he then noted that there is no “magic age” for taking Social Security.

“There [are] a lot of factors that come into play when you decide to take Social Security, and it really depends on your life, your health, your income, your family situation,” Kamel said.

Kamel advised listeners to take control of their finances rather than relying on the government.

“I call it Social insecurity, because if you’re relying on it, you don’t have that security, you don’t have that control,” Kamel said. “So I want to let people know that you are your best shot at great retirement. It’s not the government’s job, it’s not Washington’s job, it’s not a headline, it’s not a trust fund aid, you control the controllables.” 

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