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Retirees are anxious about the future of Social Security as they navigate extreme market volatility and high levels of policy uncertainty. Even some House Republicans are concerned — breaking ranks to warn President Donald Trump of the potential consequences of further cuts.
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Rep. Nicole Malliotakis and 14 of her Republican colleagues sent a letter to the new Commissioner of Social Security, voicing worries over “inadequate customer service provided by the Social Security Administration (SSA).” The average wait time for phone calls in 2025 has jumped over 40%, to a staggering 86 minutes.
And seniors are just as concerned: An Associated Press poll showed 30% of respondents aged 60 and over aren’t confident about the availability of Social Security benefits when they need them.
“It’s a worry that I’m sure everybody is having right now,” Kathie Sherrill, a 74-year-old retiree, told the Detroit Free Press on March 26.
Insecurity around Social Security isn’t necessarily new. After all, the program’s trust funds may only be able to fully support retirement benefits until 2035 before they are reduced, according to the SSA’s 2024 trustees report.
Politicians have mused over the years how Social Security should be reformed. But the Trump administration is simultaneously seeking to make cuts within the SSA, while implementing policies that experts say risk fueling inflation, potentially slowing the global economy. Some experts believe President Donald Trump’s proposals may speed up Social Security’s insolvency. Given that SSA data shows people over 65 derive about 31% of their income from Social Security, these factors are unsurprisingly fueling retirees’ fears.
In the meantime, Sherrill and her friends are cutting back on life’s little luxuries, such as eating out and entertainment.
“That wasn’t my plan, but that’s what I’ve been doing,” she said.
If your benefits are disrupted, you don’t need to be caught off guard. There are measures you can take to reduce your reliance on Social Security benefits, and bolster your retirement savings without relying on government policies.
Unfortunately, for many, a cut in benefits requires rethinking what your retirement is going to look like. You may need to downsize your lifestyle, or in extreme cases return to work. Another option is tackling rising insurance premiums by shopping around.
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Similarly, OfficialHomeInsurance.com can help you get great rates to protect your home. All it takes is two minutes for them to comb through over 200 insurers, for free, to find the best deal in your area. The process can be done entirely online.
To start, you want to make sure you have a cash cushion for any potential emergencies. One way to build cash quickly is with a high-yield savings account.
With a high-yield savings account, you earn much higher interest rates than a traditional savings account, without sacrificing the key banking features we all expect from any bank.
If you need income now, you could consider a reverse mortgage, which lets you tap into your home equity to supplement your income, pay off debt or fund renovations. You can choose to borrow funds as a lump sum or fixed monthly payment, and then spend it however you please.
If your head is spinning with financial possibilities it might be a good idea to sit down with an advisor to adjust your retirement plans.
With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.
Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.
Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
