Mark Cuban Has a Blunt Message for Anyone Counting on Social Security in Retirement

Given talk about potential benefit cuts and access issues, you might be anxious about whether you can rely on Social Security when you retire and whether your retirement savings can cover any gaps. Considering that many retirees rely on these senior benefits, billionaire entrepreneur Mark Cuban is concerned that the program is being quietly eroded.

Find out why Cuban is sounding the alarm about this government program and which practical steps you can take so you don't solely rely on increasingly uncertain payments.

Cuban has warned about proposed changes

In a March 2025 Bluesky post, Cuban said this about a concerning proposed government change: "The administration is removing phone support for Soc Security recipients. Making it more difficult for seniors to get their checks. It's a back door way to cut SS benefits. Horrific."

This move would've made beneficiaries more reliant on using tools on the Social Security Administration (SSA) website or visiting offices in person. For those who aren't able to use the website or potentially travel several miles, accessing benefits could've become harder.

The SSA reversed the phone policy in late March 2025 after significant public backlash, but staffing cuts and office closures have still created real access challenges. SSA staffing dropped from 57,000 to around 50,000 employees, and AARP reported that complaints about access were skyrocketing in the aftermath."

In a March 2025 X post, Cuban then bluntly reacted to the demands such cuts would put on seniors, who could face issues accessing their benefits.

"End telephone support for Social Security, cut dozens of SS offices and make Grandma and Grandpa finally get online to confirm their payments. What an amazing back door way to cut payments! Gonna be some upset seniors at town halls!"

The SSA mostly reversed the phone support decision

Ultimately, the SSA mainly backtracked and kept its phone support lines open. However, beneficiaries stopped being able to update their direct deposit details by phone as of April 2025. The SSA explained that this change was due to phone-related fraud, which it claimed accounted for 40% of direct deposit fraud associated with these benefits.

While beneficiaries can still apply and receive other help by phone, those who need to update their banking details may encounter access issues. Since the SSA now requires identity verification, seniors must either visit a Social Security office or use a two-factor authentication tool, which may require assistance for those less technically savvy.

Staffing cuts are still creating issues

The Center on Budget and Policy Priorities says that the SSA's headcount has decreased by 14% over the last 15 months, affecting more than 8,000 SSA employees.

While beneficiaries' payments are unaffected, understaffing creates other headaches, as Cuban suggested. With fewer workers to handle calls or help beneficiaries at local SSA offices, getting questions answered and fixing benefit problems might require longer waits. These changes might also impact the processing of new benefit applications.

What else the future might hold

Besides support-related changes that indirectly impact access, many Americans are worried about the Social Security Trust Fund reserves, which could run out as early as 2032. If there aren't changes, the SSA said the funds are expected to cover only 78% of the benefits due.

Smaller Social Security checks may affect your retirement plan, including the age when you'll claim benefits and how much you need to save to cover your expected expenses.

The program might also experience other major changes to delay insolvency. Some potential options include raising the full retirement age, capping benefits and cost-of-living adjustments for higher earners, or increasing payroll taxes.

Cuban's four core retirement pillars can help

While Cuban has criticized measures the government has taken to cut benefits indirectly, his bigger message is that you shouldn't rely on Social Security alone. Otherwise, future benefit cuts or restrictions may impact your financial security in retirement.

Instead, consider his four core retirement pillars:

Eliminate high-interest debt before retirement

In a MarketWatch interview, Cuban referred to paying off credit cards and other debt as "the best investment you can make." He reasoned that this is a safer move than actually investing, as you'll receive an immediate return.

This advice especially hits home for those entering retirement. When you're concerned about unreliable Social Security checks, making debt payments on a fixed income is even more dangerous. It also puts you at risk of needing to withdraw more from your retirement savings.

Maintain a cash reserve

"If you don't like your job at some point or you get fired or you have to move or something goes wrong, you know, you're gonna need at least six months' income," Cuban said in a Vanity Fair interview.

While cash reserves are essential at any age, you especially need them when you're receiving Social Security and paying expenses off a fixed income. Benefit cuts or disruptions might lead you to sell your investments at the wrong time, hurting the long-term growth and longevity of your savings.

Invest in low-cost index funds

"Saving money and putting some into a low-cost mutual fund — like an SPX fund — and living as inexpensively as you possibly can, will pay off dividends," Cuban told Money.

When building your savings to supplement uncertain Social Security payments, you might pay a financial advisor to manage your portfolio. Since these fees cut into your wealth, Cuban's advice to choose low-cost index funds, which are passively managed, is key for growing your savings without paying for costly advice or taking on high risks.

Consistently live below your means

In a blog post, Cuban encouraged readers to have discipline and live frugally to save money: "Instead of coffee, drink water. Instead of going to McDonald's, eat Mac and Cheese. Cut up your credit cards."

While this is good advice for building wealth, always living below your means can help you avoid becoming overly dependent on one income source in retirement. It might make the difference between financial stress and stability if your Social Security benefits are lower than expected or your investments have disappointing returns.

Bottom line

While Social Security stability concerns are nothing new, they're more urgent now than five years ago. Government spending cuts are one factor, but you also have to consider that the expected insolvency date for the primary retirement trust fund recently moved up. Greater uncertainty makes preparing your finances even more important.

Take time to check up on your retirement readiness and ensure you're on track to save enough to cover your future expenses. Also, look at Social Security benefit estimates by age, considering you might only receive a large portion of that amount.