Home / Business and Economy / Retirees Overlooking $23,760 Social Security Bonus
Retirees Overlooking $23,760 Social Security Bonus
11 Sep
Summary
- Social Security trust funds expected to run out by 2034
- Retirees can boost savings by working gig jobs or downsizing homes
- Investing equity from home sales can provide financial cushion
As of September 11, 2025, the future of Social Security remains uncertain. According to the latest Social Security Trustees report, the program's trust funds are expected to run out of money by 2034, at which point only 81% of benefits will be payable.
This looming crisis poses a significant threat to the millions of retirees who rely on Social Security as their primary source of income. However, there are steps that both current and future retirees can take to mitigate the impact of potential benefit cuts.
For those still in the workforce, increasing contributions to retirement accounts like IRAs and 401(k)s can help offset the potential reduction in Social Security benefits. Retirees, on the other hand, may need to explore alternative income sources, such as the gig economy, which offers flexible work opportunities.
Another strategy is to consider downsizing one's home. By selling a larger property and purchasing a smaller, more affordable replacement, retirees can pocket the equity and invest it for the future. This not only reduces ongoing expenses but also provides a financial cushion in the event of Social Security cuts.
While the future of Social Security remains uncertain, proactive planning and a willingness to adapt can help retirees weather the storm and maintain their financial security in the years to come.
