When you’re carrying out your retirement and Social Security planning, consider the worst-case outcome.
Some say that we should hope for the best in life, but plan for the worst. It pays to be ready for anything, especially when it impacts your later years after leaving the workforce.
As we’ve covered, Social Security is in need of help. Some people already have questions about its future. While we can work diligently to change the future, it pays to look at both extremes of the situation. Some people are saying that you shouldn’t count on Social Security being there — if not, then what should you do?
What if Social Security Isn’t Around When You Retire?
Though efforts are being made to safeguard the future of Social Security, there’s no guarantee they will succeed.
Some say it’s too late, while others worry there’s simply not enough money to cover everyone. Even supposed “fixes” like taxing high earners or reducing benefits for some won’t solve the problem completely. So what do you do if it’s retirement time and your Social Security benefit is not enough to support you?
- Always look at Social Security as a way to supplement your retirement, not fund the whole thing
- Consider a side hustle if you need to “ease out” of the workforce and make extra money
- Look for ways to downsize your lifestyle now and in the future
- Try to build up personal savings and private retirement options now
It’s important also to remember that Social Security planning for a worst-case scenario means considering this possibility but not accepting it. If anything, we should be incentivized to fight harder for the benefits we’ve all rightfully earned!
Here at NORA, we’re committed to campaigning for fair yearly Cost-of-Living Adjustments (COLAs). If you share our passion, check out our petition, then follow us on Facebook and Twitter for more content like this.
