Trump’s Social Security Moves: 4 Smart Steps to Keep Your Retirement Safe!

Posted on January 29, 2025 by Yvonne Scott

3 min read

Race Day Live President Donald Trump has made big promises about Social Security, including eliminating benefit taxes.

While that hasn’t happened yet, his policies could still impact retirement benefits. Some seniors support tax cuts, hoping for more income, but others fear these changes could worsen Social Security’s financial struggles.

You might not have control over Social Security policies, but you can take steps to secure your retirement.

Here are four smart moves to prepare for potential changes.

1. Save as Much as You Can

If you’re still working, try to set aside as much as possible for retirement. Even small contributions can add up over time. It might be tough, but having personal savings gives you more financial freedom.

While retirement accounts like 401(k)s and IRAs might be taxed later, the more you save, the more security you’ll have. This helps protect you in case Social Security benefits decrease in the future.

2. Pick the Right Age to Claim Social Security

You can start claiming Social Security at 62, but waiting until your full retirement age (66-67) means you’ll get the full amount you’ve earned. If you delay until 70, your monthly checks will be even bigger.

However, waiting isn’t always the best choice. If you need money sooner or have health concerns, claiming early might be smarter.

Use the My Social Security tool online to see how much you’ll receive at different ages. This helps you plan your retirement budget.

3. Consider Working Part-Time in Retirement

If you’re worried about having enough money, part-time work can help. A small income can stretch your savings and make you less dependent on Social Security.

If full-time work isn’t an option, look into phased retirement—gradually reducing your work hours before stopping completely. This approach eases the transition and reduces the years you’ll need to rely on savings.

Read More:

4. Apply for Other Government Benefits

If you don’t have enough income in retirement, you may qualify for extra government help. Programs like:

Supplemental Security Income (SSI): Helps low-income seniors, providing up to $967 per month for individuals or $1,450 for couples.
Medicaid: Covers healthcare costs for those with limited income.
Supplemental Nutrition Assistance Program (SNAP): Helps cover food costs.

Each program has different requirements, so check if you qualify. Even if Social Security remains stable, having access to extra resources can make a big difference.

Plan for a Secure Retirement

No one knows exactly what will happen with Social Security. But taking control of your savings, choosing the right time to claim benefits, and considering part-time work can help you stay financially secure. If you ever face financial difficulties, government assistance programs are available.

By planning now, you’ll be ready for whatever changes come in the future. Start taking action today to protect your retirement!

Reference

Disclaimer- Our team has thoroughly fact-checked this article to ensure its accuracy and maintain its credibility. We are committed to providing honest and reliable content for our readers.

Yvonne Scott http://race-day-live.com

Yvonne Scott is a highly skilled content writer and editor, renowned for her ability to craft engaging, well-researched, and meticulously polished
content. With an eye for detail and a passion for clarity, Yvonne excels at transforming complex ideas into accessible and compelling narratives. Her writing not only informs but also captivates, making her an invaluable asset to any team.
As an editor, Yvonne's expertise shines through her keen understanding of grammar, structure, and tone, ensuring every piece meets the highest standards.