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Start tightening up discretionary spending now, said Gregg Cummings, founder and CEO ofGregg Cummings Financial.
Build a flexible budget that assumes lower Social Security income, so youre not caught off guard.
If youre not already tracking your spending, start.
Creating multiple income streamscan offer stability, flexibility and peace of mind no matter what tax changes come.
If Social Security becomes less predictable, youll need to rely more on your savings, Cummings said.
Revisit Your Withdrawal Strategy
Proposed tax changes could affect how retirees draw from their retirement accounts.
If youre current plan relies heavily on Social Security, reassess your withdrawal mix now before changes become law.
These can affect both your taxable income and your Medicare premiums.
Meanwhile, adjusting portfolio withdrawals to stay under key tax thresholds can improve after-tax outcomes.
Instead,treat any tax breaks as a bonus not the foundation of ones retirement plan.
Treat it as found money.
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