Social Security has been a strong support system for millions of Americans. Every month, more than 72.5 million people rely on their Social Security checks to manage their basic expenses, including retired seniors, people with disabilities, and others who cannot work due to various reasons. But now, concerns are rising about the future of the program.
If no changes are made, the Social Security Administration (SSA) has warned that retirees may only receive 79% of their benefits starting in 2033. This has caused a lot of stress, especially for those who depend completely on Social Security for survival. Let’s look at what’s happening and what experts suggest for those planning their retirement.
What’s Causing the Concern?
According to SSA reports, the program may not have enough money to pay full benefits in the future. The system is under financial pressure because people are living longer and more people are retiring than working.
Adding to this confusion is a report from Yahoo! Finance that billionaire Elon Musk and his team at the Department of Government Efficiency (DOGE) are reviewing Social Security data for fraud and ways to cut costs.
Even with President Donald Trump promising to protect Social Security, many Americans are worried. A Gallup poll found that 52% of people are very concerned about what’s going to happen.
What Do Younger Americans Think?
A report from Newsweek showed that many young adults believe Social Security might not be around by the time they retire. This fear is leading financial experts to advise more aggressive saving now, just in case the system fails in the future.
How Much Will You Need Without Social Security?
If Social Security benefits are reduced or stop completely, financial experts say retirement savings must be doubled or even tripled.
Finance expert Andrew Lokenauth says a person will need around $2 to $3 million in savings to enjoy a middle-class retirement lifestyle without Social Security support. This is two to three times more than what most advisors recommend if Social Security remains.
Lokenauth shared an example where a client had saved $1.2 million and thought she was ready to retire. But after calculating her needs without Social Security, she still needed $800,000 more. That meant saving another $40,000 every year, which was a tough reality to face.
What’s the Best Retirement Strategy?
To be financially secure during retirement—especially if Social Security isn’t guaranteed—experts recommend a multi-plan approach:
Use Tax-Friendly Accounts
Lokenauth suggests using tools like 401(k), IRA, and HSA accounts. These allow you to save money while getting tax benefits. For example, you can save up to $22,500 in a 401(k) and $7,500 in a backdoor Roth IRA yearly. The tax savings can be significant over time.
Invest in Real Estate
Many of his clients have created rental property portfolios. Some of them now earn $3,000 to $4,000 a month from rent, which can replace lost Social Security income.
Build Multiple Income Streams
Don’t depend on one source of money. Combine income from dividend-paying stocks, rental properties, and freelance or part-time work. Lokenauth says, “Start building these before you retire.”
Reduce Monthly Spending
One way to stretch your money is by cutting monthly expenses. Lokenauth himself saved $1,500 a month by moving to a cheaper city. This small change made a big difference in his future savings.
With Social Security facing possible benefit cuts by 2033, many Americans are understandably nervous. Whether you’re close to retiring or just starting your career, the message is clear: don’t rely only on Social Security.
Start saving more, use tax-saving accounts, invest in real estate or stocks, and try to reduce your monthly spending. These steps can help protect your financial future—even if Social Security doesn’t provide as much support as expected.
Being prepared now can help you live comfortably later, even without depending heavily on the government system. The earlier you start, the easier it becomes to secure a stress-free retirement.