Social Security Facing Serious Cuts: 7 Crucial Things To Do Now If You’re Near Retirement

Core Insights - Social Security is facing an insolvency crisis that could lead to a 24% cut in benefits by 2033, resulting in an average retired couple being $18,400 short of expected annual benefits [1] Group 1: Financial Preparedness for Retirement - Keeping liquid funds available is essential as unexpected expenses can arise, and withdrawing too much from retirement accounts can jeopardize long-term savings [3] - Establishing an emergency fund with several months' worth of expenses is crucial to avoid tapping into retirement accounts that are still invested [4] - Making lifestyle changes before retirement, such as reducing dining out or traveling, can help manage finances better if Social Security benefits are cut [5] Group 2: Employment Strategies - Delaying retirement or working part-time can extend the longevity of retirement savings and reduce the need to draw from retirement accounts [6][7] Group 3: Health Insurance Awareness - Understanding health insurance options is vital, as 76% of Americans underestimate healthcare costs in retirement, which can significantly impact Social Security benefits [8]