This retirement expert says the US is ‘past the point where we can fix Social Security.’ What she recommends instead

Core Insights - The article discusses the importance of financial planning for retirement, emphasizing the need for personalized guidance from qualified financial advisors to maximize retirement contributions and create a robust financial plan beyond Social Security [1][2][3]. Social Security Challenges - Labor economist Teresa Ghilarducci highlights that the Old-Age and Survivors Insurance (OASI) trust fund may be depleted by 2033, covering only 77% of obligations, a decrease of 2% from previous estimates [5]. - The U.S. debt is nearing $39 trillion, with Social Security accounting for 22% of federal spending in the 2026 fiscal year, raising concerns about the sustainability of the program [7]. - The number of Americans aged 65 and older is projected to rise from 58 million in 2022 to 82 million by 2050, leading to increased benefit payments, estimated at $1.6 trillion in 2025 [8]. Retirement Planning Strategies - Experts recommend building a solid nest egg to supplement Social Security benefits, with a focus on diversifying investments and growing retirement accounts [10]. - Establishing an emergency fund is crucial to protect savings from unexpected expenses, ensuring that retirement funds remain intact [11][16]. - High-yield accounts, such as the Wealthfront Cash Account, offer competitive interest rates and easy access to funds, making them an effective tool for growing emergency savings [19][20].