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Ask an Advisor: ‘I'm Depending on That Money.' How Can I Plan to Retire When Republicans Are Threatening to Cut Social Security?
Susannah Snider, CFP®
Wed, February 15, 2023 at 7:00 AM MST
Susannah Snider, CFP
Susannah Snider, CFP
How can I plan to retire fully when the Republicans are threatening to cut Social Security? I’m almost 73, still working part-time and I’ve paid into Social Security my entire life. I’m depending on that money!
Stay ahead of the market
-Karen
Social Security benefits stand as a central pillar in many American retirement plans. In fact, the program provides benefits to 50 million retired workers and their dependents, according to the Social Security Administration.
But for many folks, relying on Social Security benefits feels risky. The Social Security Administration has previously stated that its various trust accounts will run out in 2035. After that, it could continue to fund 80% of benefits.
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But it sounds like you are particularly concerned about Social Security’s role in the upcoming debt ceiling negotiations. In this case, some conservative politicians have signaled that changes to Social Security and Medicare are up for debate. But the majority of the Republican party hasn’t publicly shared those views.
In a particularly illustrative moment during the recent State of the Union address, boos erupted from Republican lawmakers after President Joe Biden said, “Some Republicans want Social Security and Medicare to sunset.”
After some back and forth with the crowd, Biden said, “So folks, as we all apparently agree, Social Security and Medicare is off the books now, right?”
Although I can’t prognosticate what will happen on Capitol Hill, I asked a number of financial advisors to weigh in on how aspiring retirees should approach the future when Social Security feels uncertain. Here’s what you should know. (You can use this tool to get matched with a financial advisor who might meet your needs..)