CEO of America’s largest Social Security advisory firm: Trump’s big tax cut ‘did not help’

Fortune

by Nick Lichtenberg

March 2, 2026

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Martha Shedden, CEO of NARSSA, the largest Social Security advisory firm in the U.S., has criticized President Trump’s tax cuts for failing to benefit most Americans. She argues that while the wealthy have gained more tax advantages, lower- and middle-income groups have seen little to no benefits. This disparity has worsened economic inequality and accelerated the depletion of Social Security trust funds, which are projected to run out by 2032. Shedden emphasizes that the program’s financial crisis is not inevitable but requires political will to address through small policy tweaks. The tax cuts passed under Trump have exacerbated financial challenges for Social Security by reducing the worker-to-beneficiary ratio and draining trust funds faster than anticipated. The ratio has dropped from over 10 in mid-century to just two or three today, leaving the program’s sustainability at risk. Shedden highlights that the funds are critical, as they cover disability, medical insurance, survivor benefits, and more for millions of retirees. She also critiques Trump’s recent proposal to eliminate federal taxation on Social Security benefits, warning it would further strain the system by reducing revenue needed to sustain payouts. This move, coupled with existing tax cuts favoring the wealthy, could push benefits cuts closer, impacting millions of retirees who rely on Social Security as their primary income source. Shedden’s comments underscore the broader issue of financial illiteracy and miscommunication about Social Security’s role in safeguarding retirements. Her organization trains professionals to help Americans optimize their benefits, but the complexity of the system and political gridlock complicate efforts to stabilize it. For businesses, understanding these dynamics is crucial as they impact workforce planning, retirement strategies, and employee benefits. Ultimately, fixing Social Security requires bipartisan cooperation and a focus on equitable solutions that address both economic inequality and the program’s long-term viability. Shedden remains optimistic that with the right policies and public awareness, the system can be preserved for future generations.

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Originally published on Fortune on 3/2/2026