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Being able to retire comfortably is a top concern for many older Americans. A recent AARP survey found that 61% of Americans aged 50+ are worried that they will not have enough savings when they retire.
Social Security, a cornerstone of American retirement ideals, was a central election issue for voters in the recent election, when Donald Trump proclaimed, “Seniors should not pay taxes on Social Security” on Truth Social.
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However, those taxes currently help fund the program’s revenue and are crucial for retiree payouts. Removing them would create a significant shortfall, potentially affecting the program’s long-term sustainability. The U.S. Committee for a Responsible Federal Budget (CRFB) estimates Trump’s plans would lead to a 33% cut in benefits by 2035.
Whatever happens during the second Trump administration, Americans will be looking to strengthen their retirement savings to ensure they can comfortably bounce back if the country’s retiree safety net starts to unravel.
A recent analysis from the CRFB estimated that if Trump’s proposal was implemented, Social Security’s funds would run out by 2031.
Preparing for any changes to Social Security is a smart move. And with the average monthly SSA payout standing at just $1,862 and the possibility of a further cut, you’ll want to look for other ways to secure your financial future.
But where to start?
With Advisor.com, you can find the best financial advisor for your needs — both in terms of what they can offer your finances, and what they’ll charge to work for you.
Advisor.com is a free service that helps you find a financial advisor who can co-create a plan to reach your financial goals. By matching you with a curated list of the best options for you from their database of thousands, you get a pre-screened financial advisor you can trust.
You can then set up a free, no obligation consultation to see if they’re the right fit for you.
Consistent contributions are a cornerstone of effective retirement planning. By steadily investing, you’re able to benefit from the power of compound returns, too.
