Most Wouldn’t Survive If There Are Social Security Cuts — 6 Ways To Make Sure You Do

Group 1 - Approximately 50% of adults aged 65 or older depend on Social Security for at least 50% of their income, with about 25% relying on it for over 90% [1] - Concerns have been raised regarding the future of Social Security benefits due to funding cuts and field office closures by the Trump Administration, alongside acknowledged insolvency issues by the House of Representatives [2] Group 2 - To reduce reliance on Social Security in retirement, individuals are advised to maximize contributions to tax-advantaged accounts, thereby increasing savings and minimizing tax liabilities [3] - Opening and funding an IRA and maximizing employer matching contributions for workplace retirement accounts are recommended as initial steps [4] - Tax experts suggest various strategies for optimizing retirement savings, including brokerage accounts, real estate investments, and Roth conversions [5] Group 3 - Annuities can serve as an alternative to Social Security, providing customizable monthly payments [6] - Annuities can be structured to include a spouse and may offer guaranteed payment periods or refunds, ensuring beneficiaries receive remaining payments if both individuals pass away prematurely [7] - Engaging in flexible, low-stress work during retirement can enhance savings and lessen dependence on Social Security [8]