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In a recent West Health andGallup poll, Social Security concerns increased significantly for boomers from 2022 to 2024.
These worries arent without cause.
Will Social Security End in 2035?
To keep the program running as intended, certain changes will likely need to be made.
What Happens If Benefits Decrease?
According to the SSA, the average benefit amount in January of this year was $1,907.
If Social Security benefits were dramatically reduced, many of these households would plunge into poverty, Anspach continued.
This would make them more dependent on other forms of welfare.
It probably wont happen right away, though.
A series of minor changes can bring the system into balance.
Fortunately, there are several ways to do this.
One of the best ways is to factor thepotential benefits reductioninto your retirement planning.
And if benefits are cut, youll be prepared.
Having a flexible plan for your retirement income is another effective strategy.
While youre at it, plan when youre going to start collecting benefits carefully.
The right time to collect depends on you, your health and your retirement goals, however.
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