Whether you’re a current or future recipient of Social Security, the idea of cuts to your benefits is likely a terrible thought. These benefits make up the majority of income for more than half of seniors. Cuts could affect how retirees pay for bills and daily necessities. Changes to Social Security can be concerning, especially if you’re not prepared for them.

However, CNBC has reported on a helpful tool that future beneficiaries can use to calculate how they could be impacted by benefits cuts. As you plan for retirement, using this free tool can help you make smarter, more informed financial decisions. This calculator can also help you decide when to starting claiming benefits.

Even if you’ve already started claiming benefits, you might have options. According to the Social Security Administration, it’s possible to withdraw your application for benefits under some circumstances. You have up to 12 months to cancel your application, and you can begin receiving benefits when the time is right.

Benefit cuts and other negative changes to Social Security shouldn’t happen. But staying informed can help you prepare for changes in the future.

Retirees Deserve Positive Changes to Social Security

Seniors have the right to be concerned about cuts to their benefits. At NORA, we believe that retirees deserve all of the benefits they’ve earned, which is why we’re asking Congress to pass legislation guaranteeing a higher cost-of-living adjustment (COLA). COLAs have not kept up with the recent cost of living increases, but The Guaranteed 3% COLA for Seniors Act would ensure that Social Security beneficiaries receive the benefits increase they’ve earned.

We’re working to show Congress that the American people need them to pass this bill. Join us by signing our petition and by sharing it with your friends and family. Then, keep up with all of our updates by following us on Facebook and Twitter!