Retirees fear the future of social security – here are what they can do to protect themselves
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Retireers are concerned about the future of Social Security as they navigate extreme market volatility and high levels of policy uncertainty. Even some House Republicans will break the ranks to warn President Donald Trump of the potential consequences of further cuts.
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Rep. Nicole Mariotakis and 14 Republican colleagues have written to a new Social Security committee member, worried about “the inadequate customer service provided by the Social Security Agency (SSA).” The average phone waiting time in 2025 exceeded 40% to 86 minutes.
And elderly people are just as worried. The Associated Press poll shows that 30% of respondents over the age of 60 are unsure when they need Social Security benefits.
Kathy Cheryl, a 74-year-old retired, told the Detroit Free Press on March 26th.
Social security concerns are not necessarily new. After all, according to SSA’s 2024 Trustees Report, the program’s trust fund may be able to fully support retirement benefits until 2035 before it is cut.
Over the years, politicians have meditated on how social security should be reformed. But the Trump administration is also trying to make cuts within the SSA, implementing policies that experts say could promote risks of inflation and slow the global economy. Some experts believe President Donald Trump’s proposal could speed up Social Security bankruptcy. Given that SSA data shows people over the age of 65 withdraw roughly 31% of their income from Social Security, these factors surprisingly promote fear among retirees.
In the meantime, Cheryl and her friends have cut back on the small luxury of life, such as eating out and entertainment.
“That wasn’t my plan, but that’s what I’m doing,” she said.
If your benefits are confused, you don’t need to be caught off guard. There are steps you can take to reduce your reliance on social security benefits and to strengthen your retirement savings without relying on government policies.
Unfortunately for many, reducing benefits requires a rethink of what retirements will look like. You may need to reduce your lifestyle or, in extreme cases, you may need to go back to work. Another option is to shop and tackle the rising premiums.
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To get started, make sure you have cash cushions for a potential emergency. One way to build cash right away is to use a high-yield savings account.
Using a high-yield savings account will earn you much higher interest rates than traditional savings accounts.
If you need income now, you can consider a reverse mortgage. This allows you to use household capital to supplement your income, pay off your debts, and renovate your funds. Choose to borrow the funds as a lump sum or a fixed monthly payment and use it.
If your head is spinning with financial possibilities, we recommend sitting with an advisor to adjust your retirement plan.
and Vanguardyou can connect with personal advisors who will help you evaluate so far, and make sure you have the right portfolio to help you achieve your goals on time.
Vanguard’s hybrid advisory system combines professional advisors with advice from automated portfolio management to ensure your investments are working to achieve your financial goals.
Once set, you can sit down Vanguard Advisors will manage your portfolio. They are money recipients and therefore they don’t earn any fees, so you can trust that the advice you are getting is fair.
This article is for information only and should not be construed as advice. It is provided without warranty of any kind.
